This white paper identifies the initiatives that are under way today to enhance core payment processes in Canada. These changes are needed for financial and non-financial entities to offer advanced payment offerings to their clients. It also provides information on how these changes are being handled in three other countries with similar banking and payment systems.
- Meeting faster payments implementation dates in Canada for t he various segments will be challengi
based on the scheduled completion dares. Learnings from completed enhanced payments initiatives in
other countries could help mitigate this exposure.
- Faster payment solutions a re being driven by government initiatives in three of the four countries
reviewed. The United States has encouraged the financial sector to implement faster payment solutions
with government direction based on desired outcomes, resulting in faster implementation times.
- Banks and Payments Canada will face large expenditures to implement faster payments and will need
assistance firms Agile development firms with deep payments expertise.