Live from Sibos in Toronto, TFG’s Deepesh Patel spoke with Tracey Black, the CEO and President of Payments Canada. In a financial sector renowned for its stability and robust regulatory environment, Payments Canada has been entrusted with the pivotal task of modernising payment systems.
Tracey Black explained that their modernisation initiative aligns with the existing regulatory framework and the imperative of maintaining a resilient payment ecosystem in Canada. Given the rapid evolution of payment methods, staying ahead is crucial. She emphasised their significant modernisation efforts since 2016, including updates to batch payment systems, replacement of the high-value payment system, and the ongoing development of a real-time payment system.
Moreover, they have introduced the ISO 2022 message standard on the high-value payment system, with plans to educate and support the ecosystem for its widespread adoption. Regarding the surge in diverse payment methods, Tracey expressed encouragement for the innovation seen in Canada, particularly in the realm of digital payments.
She anticipates that with the introduction of the ISO payment standard and real-time payments, new and unforeseen payment experiences and products will emerge, enhancing the landscape of financial transactions in Canada. This conversation underscores the pivotal role of Payments Canada in navigating the evolving payments landscape to benefit both consumers and businesses.