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Payments Canada enlists Accenture to help with payments system overhaul

March 28, 2017

Payments Canada has tapped Accenture to assist with a multiyear initiative to transform the systems and rules of Canada's payments ecosystem.

The announcement follows the December release by Payments Canada of an industry roadmap and high-level plan for the Canadian payments ecosystem, an ambitious proposal to change the infrastructure and rules that underpin financial transactions in Canada, according to a press release.

These changes include imminent enhancements to existing systems to speed up transactions, as well as longer-term improvements such as the implementation of a faster payments capability, a new core clearing and settlement system, and the introduction of the global messaging standard ISO 20022, which will facilitate the transition from paper-based invoicing and checks to digital processing for these functions.

Accenture will be directly engaged in all of this work over the next three to four years while helping to establish an industry project management office that will support financial institution participants throughout the transition, the release said.

"This is important work that will put Canada on the leading edge of payments, and a strong, dynamic and global team is key to our success," Gerry Gaetz, president and CEO at Payments Canada, said in the release. "Together, we will work with financial institutions and key stakeholders to transform the payments system for the benefit of all Canadians."