PAYMENTS MATTER NOW
Connect with Payments Canada and attend our stakeholder workshops to stay involved and share your perspectives. Write to [email protected] for more information.
Pay more attention to the way you make and receive payments – examine the inefficiencies in your existing processes.
Become more informed about the coming changes to national payment systems.
Talk to Payments Canada about the new real-time payments system and more data with the ISO 20022 payment message standard.
Speak to your accounts payable and receivable team members – what challenges are they facing?
Retailers offer better, faster customer service
Customers receive rebates and refunds at point-of-sale and
expedited same-day payments
Faster funds
&ISO 20022 message standard will allow
interoperability across global operations
Supports fully automated invoicing and straight-through processes
More data with electronic payments
How modern payments systems will help.
How can you take advantage of these changes?
The modernization of Canada’s payment systems brings faster, safer and more data-rich solutions. These options will help lower operational costs and boost bottom line returns for large retailers and corporations across Canada.
Processing payments costs Canadian
businesses $3 to $6.5 billion per year.
Why?Poor visibility into supply chain and collections
Labour-intensive matching of payments to invoices
Difficulty tracking cross-border payments
Continued reliance on manual processesand legacy technology
&
Source: Payments Canada's 2018 Pulse Survey: Small Business Edition
BUSINESS EDITION
What does the future of payments look like to you?
Online transfers are growing faster than
any other payment method at 50%, with more and
more businesses choosing this option
Plus, today’s customers want a modern and convenient payment experience:
50% of Canadians are willing to move away from
cash and 66% would drop the cheque if they
had better options
More transactions shifted to online and
in-app channels
More than 80% of Canadians want convenience in
payment options
83% of Canadians who are using e-wallets find
them convenient
Increased collaboration between banks and new-entrant fintechs
are spurring more social media payments