Payments Canada is collaborating with financial consultancy firm Accenture to help drive a modernisation initiative, designed to transform the systems and rules of Canada’s payments ecosystem.

In December last year, the payments firm released detailed plans to change the infrastructure and rules that underpin financial transactions in Canada. These changes included 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.

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.

Jan Pilbauer, executive director of the initiative and CIO at Payments Canada, commented: “The payments modernisation programme for Canada is multifaceted, requiring a high level of engagement from players across the industry.

“We knew we needed a strong consulting partner to support this. Together, Payments Canada and Accenture will help lead the industry through change to reach our end goal: creating fast, flexible and simple ways for Canadians to pay.”

Robert Vokes, managing director of Accenture’s financial services practice in Canada, added: “Accenture has been supporting payments modernisation initiatives around the world for more than a decade, and we are thrilled to provide consulting services on Payments Canada’s innovative venture.”

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