Q3 2023 Delivery Roadmap update
A key priority for Payments Canada during the third quarter of 2023 was continued advocacy for changes to the Canadian Payments Act. Payments Canada submitted a response to the House of Commons Standing Committee on Finance (FINA) as part of its 2024 pre-budget consultation, calling for changes to payment legislation in the 2023 Fall Economic Statement.
As a follow-up to the letter sent to the Minister of Finance in December 2022, Payments Canada has also been working with a coalition of leading industry stakeholders to bring awareness to the benefits of modernizing Canada's payment legislation. Further to this, Payments Canada has published a series of interviews with industry leaders that bring awareness to the benefits of modernizing Canada's payment legislation for interest groups across Canada, including consumers, small businesses, payment service providers and banks. Interviewees include Scott Talbott from Electronic Transactions Association (ETA), Elizabeth Mulholland from Prosper Canada, Nick Catino from Wise, Dan Kelly from the Canadian Federation of Independent Business (CFIB) and Jennifer Hawkins from BMO.
Expanded access to Canada’s national payment systems will bring increased innovation, consumer protection and competition for the benefit of Canadians, their businesses and the economy.
In Q3 2023, the Automated Clearing Settlement System (ACSS) and Lynx continued to operate safely and smoothly, clearing and settling over 27 trillion dollars, and work continued on the Real-Time Rail (RTR) payment system program.
Payments Canada completed the targeted risk review phase of the RTR program, representing a definitive and positive step forward that will facilitate planning certainty and confidence in delivery timelines. During this phase, Payments Canada worked in collaboration with our Board of Directors, regulators, member financial institutions and stakeholders while RTR vendor delivery activities continued. The next phase of the program will determine the path to launching the RTR. Our next payment systems update will appear in our Delivery Roadmap. Payments Canada remains fully committed to delivering a safe, secure and efficient real-time payment system for Canada.
Education and collaboration are integral in all we do as the operator of Canada’s payment systems. In July, Payments Canada hosted a workshop on payments and securities settlement data and information in partnership with the Bank of Canada and Deutsche Bundesbank. The event provided an opportunity for industry experts to discuss recent payment research around the next generation of payment systems. I encourage you to read this blog post by Segun Bewaji, Lead Economic Advisor at Payments Canada, to learn more about the discussions that took place.
In August, Payments Canada welcomed Daniela Aubry from Metrolinx as chair of the Stakeholder Advisory Council (SAC). Daniela’s deep knowledge of the retail payment space, including expertise in product development, consumer experiences and industry partnerships, will be critical as we shape the future of payments in Canada. Thank you to Brent Mizzen, outgoing chair, for his contributions to SAC since 2012.
This year, Sibos took place in Toronto and there was no shortage of representation from Payments Canada. We had speakers participate in panels about ISO 20022, risk, high-value payments, security and leadership. Thank you to Swift for organizing another world-class event. It’s always a pleasure to meet with the financial ecosystem to discuss our collective opportunities and challenges. We hope to see many of you at our annual conference, The Payments Canada SUMMIT, taking place from May 29-31, 2024, to continue these important discussions. If you’re passionate about the future of payments and have something to say about it, our Call for Speakers is now open.
Tracey Black
President and CEO
Payments Canada
