Payments Canada has gone into public consultations on far reaching plans for a thorough overhaul of the nation’s payments architecture and legal underpinnings. The group intends to undertake the vendor selection process early next year. The government is expected to release its long-awaited report in early 2018, which will include recommendations about how it can modernize Canada’s outdated payment system while protecting consumers from fraud and abuse. Their roadmap envisages the first enhancements coming into line in 2017, with the full revamp taking up to five years to complete. The association has already committed to the adoption of the ISO2022 message standard and extended remittance information to support the move away from paper invoicing and cheques.
Payments Canada has gone into public consultations on far reaching plans for a thorough overhaul of the nation’s payments architecture and legal underpinnings. The government is expected to release its long-awaited report in early 2018, which will include recommendations about how it can modernize Canada’s outdated payment system while protecting consumers from fraud and abuse. Their roadmap envisages the first enhancements coming into line in 2017, with the full revamp taking up to five years to complete. The association has already committed to the adoption of the ISO2022 message standard and extended remittance information to support the move away from paper invoicing and cheques.