Recently we announced a multi-year partnership between Accenture and Payments Canada that will transform the systems and rules essential to Canada’s payments ecosystem. Payments Canada underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, bylaws, rules and standards, and ensures that financial transactions in Canada are carried out safely and securely each day.
Our team will bring its in-depth payments expertise, change-management, program-management services and technical expertise to support Payments Canada as it leads the industry to bring a faster, data-rich and transparent payment system to Canada. We’ll be heavily involved in identifying and helping implement the changes required to both the infrastructure and rules that support financial transactions across Canada.
Working with Payments Canada, we’ll be helping to:
- Improve the speed of transactions.
- Implement a faster payments capability.
- Implement a new core clearing and settlement system.
- Introduce the global messaging ISO 20022 standard.
- Use digital technologies to process paper-based invoices and cheques.
The initiative will deliver more flexibility and simplicity to Canadians paying for products and services. It will also enable more innovations across payments, financial services and e-commerce.
At Accenture, we’ve been supporting payments modernization initiatives around the world for more than a decade. I’m thrilled we can bring this experience to provide consulting services to Payments Canada’s innovative venture and proud that we can play a role in building a stronger foundation for the Canadian economy.
To learn more, read the press release.