The Benefits

A modern payments infrastructure, designed for tomorrow’s digital world will introduce new opportunities to simplify and enhance everyday payment interactions.

At a Glance - The Core Benefits of Modernization

Faster and more efficient
Transaction can be processed and cleared faster/in real-time; posting to accounts with faster access to funds

Richer data
Adoption of richer, more structured messaging standard (ISO20022); data flows alongside payments

More Convenient
Payments initialization and receipt made easier through proxy identifiers and aliases; status notifications and confirmations provided

ISO standard allows payors to be ‘rail’ agnostic (choosing the right speed/cost according to need); In addition, cross-border commerce becomes increasingly seamless due to common protocols

Greater Security, Risk Management & Privacy
Security with adaptability to emerging threats, next-generation privacy and risk management tools for the most secure payments experience possible


As the pace of commerce accelerates, driven by our increasingly “always on” and “on demand” world, businesses are seeking faster and more efficient payments to satisfy customer demand and streamline business processes. Adopting standardized messaging across the ecosystem and real-time capability are just some of the ways modernization will support new efficiencies for all sizes of businesses.


Payments are part of everyday life – from buying a coffee, paying a utility bill online, or writing a cheque for a school trip. Often these payments include multiple steps and lag time. Modernizing means instant payments with fewer steps.

Financial Institutions & Payment Service Providers

Transforming Canada’s payments system opens doors to enhanced payment clarity, enables straight-through processing of payments and will open a gateway for offering new features and services.


Imagine if electronically transferring funds within Canada and to another country could happen instantly. In the face of a natural disaster or emergency relief, expedited payments could have an impact in situations where every minute counts. Tomorrow’s payments system will deliver this opportunity.