There’s a common theme in every payment transaction: paper.
Cheques are often favoured for business purchases for their rich remittance information, which means paper is everywhere – but the Canadian government wants to change that, and make the payments process much more efficient. Payments Canada is charting the course for a nationwide payments system overhaul that will make transactions more secure, effective and cost-efficient for all. This modernization will eliminate the current inefficient, expensive and opaque paper-based system. What does that mean for you? Your business may need new infrastructure to support the changes, but the benefits will be worth it.
We’re at the beginning of the modernization journey. This will be an exciting process, which could bring great rewards and competitive advantages to Canadian businesses.
1. Data pulled from 2018 Payments Canada and Ernst and Young LLP (EY Canada) study.
Payments Modernization Infographic EN
Download PDF - 364 KB
Payments Modernization Infographic ENDownload PDF - 364 KB