In keeping with its role to underpin the Canadian financial system and economy by providing safe, efficient and effective clearing and settlement of payments, Payments Canada conducted the research to inform discussions and decision making on the future of payments in Canada.
The research, Clearing and Settlement Systems from Around the World: A Qualitative Analysis, identifies a series of commonalities between jurisdictions with modernized payment systems, but reveals there is no “one size fits all” approach to modernizing payments. Each country’s path to modernization is unique, shaped by local public policy priorities, user needs and legacy payment systems.
Across 27 jurisdictions, Payments Canada and Bank of Canada found that most modernization initiatives involved:
• Adding a new real-time retail system, not necessarily accompanied by real-time settlement
• Building new or enhancing batch retail payment systems
• Upgrading large-value payment systems to support interoperability of faster retail systems
• Leveraging centralized infrastructure to enhance overall functionality
• Widening access to core payment systems
• A holistic, multi-system approach to modernization
For more on this story visit the following link: Bank of Canada research highlights global trend towards faster payments