The Canadian Payments Association (CPA) has launched two key initiatives to support its multi-year project to modernize the country’s core payments infrastructure.
Under the initiative, CPA has appointed global consulting firm McKinsey & Company to perform stakeholder interviews and prepare a fact-based analysis to support this visioning exercise.
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Also, CPA has developed a shared industry vision for payments in consultation with members and stakeholders to ensure that CPA can predict the industry and society’s changing needs and position itself to enable innovative products and services.
As part of the initiative, CPA also launched a public consultation on the introduction of a new global payments messaging standard.
The public consultation document will seek input on the introduction of the ISO 20022 standard, which, when implemented, will allow efficiencies and facilitate innovation in Canadian payments industry.
CPA president and CEO Gerry Gaetz said: "While Canadians today enjoy and benefit from a safe and sound financial system, changing user needs, along with new technological and regulatory drivers, are exerting pressure on the payments system. In this environment, it is essential that the CPA evolve to support the expectations of Canadians in the digital age."
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