3.03.48 - “A re-elected Liberal government will […] [m]odernize Canada’s payments technology to deliver faster and lower cost options so that you can securely and conveniently manage money, pay bills, and transfer funds to loved ones around the world”
“Broader access to core payment infrastructures is important for several reasons. First, it will allow new payments companies to participate in the payments market, making it more competitive and innovative. Increased innovation generates new payment products and services that can make the payments more convenient for merchants and consumers. Increased competition helps reduce costs for merchants and consumers. […] One of the biggest opportunities for electronic payment service providers in the coming years will be faster payments”
“E]ach individual requirement has the potential to positively impact the efficiency of cross-border payments against at least one of the G20 roadmap targets, which are lower cost, higher speed, increased transparency, and broader access to affordable cross-border payment services”
The modernization of the Canadian payment system is making considerable progress, but there is a lack of information to confirm the results expected in the wording.
“On March 20, Payments Canada successfully implemented the second release of Lynx, which introduced the ISO 20022 financial messaging standard to Canada. We’ve entered a new era for payments. ISO 20022 will support the inclusion of additional data about the payment that will allow our members to offer enhanced and new products and services to their customers. // Payments Canada has completed this implementation concurrently with the global payment community; a once-in-a-lifetime migration undertaken by financial institutions in over 200 countries and territories around the world. With the implementation of the MX message standard, the Lynx Modernization program has come to a close. […] On March 29, the Minister of Finance released the 2023 federal budget without mention of amendments to the CP Act. We were disappointed to see our request omitted. Payments Canada will continue to engage with the Department of Finance to prioritize modern payments”
“The second release of Lynx introduces the ISO 20022 financial messaging standard which allows richer data to travel with each payment. As more financial institutions begin to send and receive ISO-enabled payments, Lynx participants will be able to leverage richer payments data to offer new products and services to their customers. For example, additional data such as purchase order details and invoice reference numbers traveling with each payment will allow for increased automation and the digitization of manual and paper-based processes currently required to support payment reconciliation and exception handling. The implementation of the ISO 20022 standard will also simplify cross-border payments as the standard is adopted around the world, and helps align Canadian financial institutions with Swift’s global implementation of ISO 20022”
“Payments Canada is modernizing Canada’s payment systems and the associated by-laws, rules and standards that enable financial transactions to occur efficiently and securely every day. Working with our financial institution members, regulators and stakeholder partners, we are transforming our country’s payment infrastructure to meet the changing needs of Canadians and to help ensure Canada remains globally competitive in today’s digital economy”