Gaetz says the overhaul will require "significant investment by key stakeholders in governments, the financial services industry and users of payment systems". Payments Canada has gone into public consultation on far reaching plans for a thorough overhaul of the country ’s payment system and legal underpinnings . Like most industrialised nations , Payments Canada has been laying the groundwork on efforts to prepare the country for a switch to real - time payments . 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 payment standard and extended remittance information to support the move away from electronic invoicing and cheques .
Payments Canada has gone into public consultation on far reaching plans for a thorough overhaul of the country ’s payment system and legal underpinnings . Like most industrialised nations , Payments Canada has been laying the groundwork on efforts to prepare the country for a switch to real - time payments . 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 payment standard and extended remittance information to support the move away from electronic invoicing and cheques .