Onboarding your corporate clients to ISO 20022: pilot project underway

In response to member feedback, we are in the pilot phase of a new service that will allow you to more efficiently onboard your corporate clients to ISO 20022. Payments Canada is leveraging XMLdation, the file validation service used to implement the Single Euro Payments Area (SEPA), for a proof-of-concept exercise with RBC and TD.

The new ISO 20022 file validation tool is intended to ensure that ISO 20022 file formats are built correctly. The new tool will test and certify client payment files, enabling financial institutions to onboard their clients to ISO 20022 with ease.

A large part of our Modernization initiative is focused on upgrading our existing systems, but it’s equally important to make sure the transition to a modernized payments ecosystem is smooth and friction-free. A key step in this process is collaborating with our member financial institutions to create innovative solutions and services and we look forward to sharing the outcome of this pilot project in the coming months and making the service available to a wider group of financial institutions and their clients. 

If you have questions in the meantime, write to modernization@payments.ca.