The payment landscape is changing, and so are the needs of Canadians. Payments Canada is working to modernize Canada’s payment systems.
Modernization is a multi-year Payments Canada initiative to modernize the systems and rules that are essential to Canada’s payment ecosystem. Working with our financial institution members, regulators and stakeholder partners, we are transforming Canada's payment platforms to ensure Canada remains globally competitive in today’s digital economy.
In April of 2016, after consultations with more than 100 organizations within the Canadian and global payment ecosystem, a Vision for the Canadian payment ecosystem was established.
A modern payment system is fast, flexible and secure, promotes innovation and strengthens Canada's competitive position.
The Vision identified eight needs
of a modern payment system:
- Faster payment options
- Data-rich payments
- Transaction transparency
- Easier payments
- Cross-border convenience
- Activity-based oversight
- Open & risk-based access
- Platform for innovation
Canada’s high-value payment system
Canada’s first national real-time payment system
Real-Time Rail (RTR)
The financial standard
The modernization of Canada’s payment systems are informed by ongoing consultation with our member financial institutions, key stakeholders and regulators.
Modernization began in 2016
Payments Canada’s Modernization journey began with the development of the Vision for the Canadian Payment Ecosystem and the Modernization Target State. The annual Modernization Roadmap details the estimated timelines associated with key activities for each payment system within the Modernization program.
The 2022 Delivery Roadmap captures our recent accomplishments and provides a view into the plans for the future of Canada’s payment systems.
The Modernization Roadmap captures our recent accomplishments and provides a view into the plans for the future for Canada’s payment systems.
Modernizing Canadian Payments companion reader
Summary of the vision for the Canadian Payment ecosystem.
Developing a Vision for the Canadian Payment Ecosystem
A modern payment system is fast, flexible and secure, promotes innovation and strengthens Canada’s competitive position.
Modernization Target State companion reader
Summary of the key requirements, conceptual end state, integrated work plan and benefits of the Modernization Program