Creating new opportunities in Canadian Payments: CPA seeking feedback on its ISO 20022 Payments Standard Initiative
August 10, 2015
The CPA has launched a multi-year initiative to modernize Canada's core payments infrastructure which will ultimately use a new internationally recognized payment messaging standard – ISO 20022.
But ISO 20022 is more than just a technical standard. It's a business tool with which the CPA is creating new possibilities in Canadian payments. Our vision of ISO 20022-enabled payment messages will bring tangible results for all payment system users, from financial institutions to businesses, governments and consumers:
- Payment messages will carry enhanced remittance information;
- Increased end-to-end straight-through processing and automated reconciliation;
- Greater interoperability in both domestic and global markets;
- A common "payments language";
- Reducing the number of payment standards used in Canada today, and the costs of managing these standards;
- Efficiencies in managing/supporting payment systems;
- Opportunity for innovation and competition amongst financial institutions; and
- New value-added services.
We are eager to leverage the full potential of the ISO 20022 payments standard for the benefit of Canadians. But to do so, we need your input.
Have your say
The CPA is conducting this public consultation to generate feedback from all Canadian payment system stakeholders on the ISO 20022 Payments Initiative and any future impacts and benefits. Input will assist us in finalizing the proposed payment messages, policies and adoption strategy for ISO 20022 Automated Funds Transfer (AFT) payments, and ultimately the ISO 20022 payments standard for use in Canada.
Responses to the consultation questions and any additional questions, comments or suggestions should be provided to the CPA in writing via ISO20022@cdnpay.ca. An optional response template is available for your convenience. Your feedback is welcome and will be accepted during the following consultation period:August 10, 2015 to September 30, 2015.
Canadian corporates are also invited to complete the CPA ISO 20022 Survey for Corporates.
Thank you in advance for your participation in this consultation. We look forward to bringing ISO 20022 to Canada.
To learn more
To learn more, please visit our page on the IS0 20022 Payments Standard Initiative. You can also request a copy of ISO 20022 for Dummies, courtesy of SWIFT, or visit http://www.iso20022.org/.
