The payments industry in Canada
Abstract
This paper describes the unique role of Payments Canada, the owner and operator of national clearing and settlement systems in Canada. As a public-purpose organisation established through legislation, Payments Canada plays a critical role in advancing initiatives to modernise payments, and promote greater innovation and competition in Canada. This includes broadening access to Canada’s payment infrastructure through expanded Payments Canada membership eligibility, the launch of a real-time payment system, and modernising the retail batch system. Working alongside its members, participants, regulators and other stakeholders, Payments Canada is prepared for the changing payments ecosystem, both today and into the future. This is as more Canadians are adopting electronic and digital payments, despite continuing to use paper-based options. Enhancements to the national Automated Clearing Settlement System will continue to provide participants with a cost-efficient mechanism for low-value and less urgent payments. Additionally, the Real-Time Rail will have the ability for centralised fraud capabilities immediately at go-live. Engagement among regulators, members and other stakeholders will help drive these initiatives. This article is also included in the Business & Management Collection which can be accessed at http://hstalks/business.
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Author's Biography
Stephen Yun is a senior research analyst at Payments Canada. His areas of focus include the Consumer Payment Methods and Trends and Payment Behaviour Tracking studies and leveraging research insights to create a consumer–business payments narrative and drive business action for his business partners. Stephen has more than 20 years of experience leading marketing and customer experience research.
Gillian Monckton is a senior policy analyst on the Policy and Government Relations team at Payments Canada. She leads policy files related to membership expansion, Lynx and the RealTime Rail, in addition to supporting Payments Canada’s government relations function.
Peter Brown is a senior policy analyst on the Policy and Government Relations team at Payments Canada. He is leading policy files related to the Automated Clearing Settlement System and observing the Prominent Payment System designation. Prior to joining Payments Canada, Peter worked at the Bank of Canada.
