Modern Rules

A key objective of Payments Canada’s Modernization program is to enhance the framework of rules and bylaws to ensure they remain relevant, reflect current market practices, achieve the appropriate balance between flexibility and compliance, and facilitate innovation. Overview of current payments systems and rules.

Our new framework will facilitate interoperability and the development of new payment methods – ultimately ensuring that our new systems provide new opportunities for businesses and consumers across Canada.

Key Outcomes

  • Encourage innovation across the entire payments value chain
  • Maintain safety and soundness
  • Facilitate interoperability with other clearing and settlement systems
  • Deliver more options and enhanced service offerings


2016 onwards

Modernizing rules and supporting legislative changes


The payments ecosystem in Canada (and around the world) is rapidly changing: Consumers and businesses want faster payments and access to funds, enhanced security and privacy. Businesses want richer payment data and operating environments that promote efficiencies like end-to-end straight-through processing. Also, the Department of Finance and the Bank of Canada – who both have oversight responsibilities for Payments Canada – have expressed strong support for payment system modernization for both risk reduction and promotion of the public policy objectives. Payments Canada’s payments infrastructure, rules and standards need to be updated to better enable payments providers to innovate and products and services to better meet end user needs. For more information on why Payments Canada is modernizing the Payments system, view the Companion Reader to the Vision or the Canadian Payment Ecosystem.