Payments Canada’s 2022 annual report now available

Payments Canada is pleased to publish its annual report, Facilitating data-rich payments.

In 2022, Payments Canada continued to demonstrate operational excellence by keeping Canada’s payment systems safe, secure and reliable. Payments Canada’s systems cleared and settled over $119 trillion — more than $476 billion every business day. 

We created ISO 20022 messages for both Lynx and the Real-Time Rail (RTR) to support data-rich payments that are domestically and globally interoperable. We championed broader access, competition and innovation within our ecosystem by onboarding new members and advocating for regulatory changes to the Canadian Payments Act alongside ecosystem members and stakeholders. We prepared for the launch of Lynx Release Two, a crucial component in delivering end-to-end support for ISO 20022 messages and enabling data-rich high-value payments. Through extensive consultation with our program partners, we determined the need for revised launch timing for the RTR and work remained ongoing for the delivery of this important system. 

Through our research on topics such as pay statements and emerging payment methods, we continued to identify areas to better educate Canadians on payments. We reinforced our commitment to advance equity, diversity and inclusion in our workplace with the implementation of the first year of our Diversity, Equity and Inclusion (DEI) Strategy and continue to successfully connect and collaborate in our new hybrid work environment. We enhanced our website, payments.ca, and welcomed over 1,800 virtual delegates for our annual conference, The SUMMIT.

Download Facilitating data-rich payments, the complete 2022 annual report.