The Canadian Payments Association has hired global consulting firm McKinsey to draw up plans to modernise the nation's core payments infrastructure.
McKinsey will conduct stakeholder interviews and prepare a fact-based analysis to support the multi-year project to renew the CPA's payments clearing and settlement infrastructure.
"By mid-2016, our goal is to identify user needs and priorities, as well as likely go-forward requirements, and to understand the implications of change," says the body.
Key to the upgrade will be the development of a real-time payments system, in support of which the CPA - in conjunction with other national payments bodies - has released a public consultation document seeking input on the introduction of the ISO 20022 standard as a bedrock.
Gerry Gaetz, president and CEO of the CPA says a global payments messaging standard that supports the evolving demands of users will form an integral part of the modernisation of the country's futures payments infrastructure.
"The two initiatives launched today are critical steps in the plan to modernise Canada's payments system," he says. "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."