CHEQUE OUT.
WHAT DOES A FUTURE BEYOND CHEQUES LOOK LIKE?
Payment systems in Canada and around the world are upgrading. Soon, all information found on cheques—and more—will travel along with faster electronic payments of all types and sizes.
Message from our CFO:
Payments are changing. Cash and cheque use is declining. Canadian businesses want easier, faster and more convenient payment options to pay and be paid. What does that mean for accounting professionals and our clients? Why should CPAs care about modernized payments? Canada’s payments Modernization program will provide new opportunities to simplify and enhance daily payment interactions and help secure and strengthen Canada’s competitive position as a global leader in financial services.
Canada, along with countries around the world, is moving to ISO 20022, a global payments message standard that supports larger amounts of data to travel with a payment, faster and more securely. Imagine the possibilities if payments carried more information with each transaction: Possibilities that will drive innovation and enhance how we do business, including increase productivity, boost transparency and reduce friction in the back-office. How can you be prepared – and help your clients be prepared – for these changes? What do you need to know?
Connect with me and Payments Canada experts during the upcoming CPA One conference. I’ll be speaking at the event and I invite you to visit our booth to learn how ISO 20022 will help your business create wealth, increase productivity and drive innovation.
I look forward to connecting with you.
Annual Cost Savings
The cost savings of adopting ISO 20022 could be upwards of $1 billion annually simply from a reduction in the use of cheques.
How can businesses take advantage of these changes and start preparing?
Develop your business case
Read our case studies on payments modernization and ISO 20022. Learn the benefits companies are already experiencing. Contact modernization@payments.ca to share your organization’s payments journey.
Global insurance company rethought their payments to enhance client experience
Global professional services provider accelerates payments capability for ISO 20022
Start the conversation
Read how Hydro-Québec started the ISO 20022 conversation within their organization.
Share your story
We are looking for organizations to profile their payments story via our Mod Blog, a modern payments thought leadership series. Contact modernization@payments.ca to get involved.
“Modernization will help reduce the upwards of $6.5 billion
that businesses are spending on payments each year.”
Data-rich payments will bring highly efficient
options to Canadian businesses:
Smoother
cross-border exchanges
Innovation
in products and services
Less reliance on manual processes and older technologies including cheques
Faster adaptability to
changing technology
Opportunities
for automation
Insights to customized
customer experience
“Modernized payments system could save the
Canadian economy up to $7.7 billion annually.”