Payments Modernization in Canada: Real Time Comes Due

Paymod is one of the biggest regulatory undertakings by banks in Canada.

Boston, June 17, 2021 –The development of real-time payments infrastructure across markets globally continues to gather pace with an ever-growing list of markets now offering some form of real-time clearing and settlement infrastructure at the retail or interbank level. Canada’s payments infrastructure modernization initiative, colloquially known as Paymod, remains among the most ambitious and wide-ranging changes to domestic payments infrastructure globally, and it will serve as a likely bellwether of broader payment trends and rollout strategies for other regions as well as set the scene for businesses and financial services players active in the Canadian market.

This Impact Report is an update to the current state of the payments initiative in Canada and to the implications of what this means for the Canadian market, including banks and international payments vendors into 2021 and beyond. This report is based on a combination of quantitative and qualitative research data sources, along with a series of qualitative interviews that Aite Group conducted from December 2020 to May 2021 with industry stakeholders within Canada, including at the bank, regulator, vendor, and business end-user level.

This 25-page Impact Report contains three figures and three tables. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ACI, BMO, Buckzy, Canadian Western Bank, CGI, CIBC, Credit 1, Desjardin, Finastra, FIS, HSBC, IBM, Icon Solutions, Intellect Design, Interac, Mastercard Vocalink, NexJ, Payments Canada, Perago, President’s Choice Financial, RBC, Revolut, Scotiabank, Shopify, SIA, Square, Stripe, Swift, Tangerine, TD Bank, Telpay, Telus Payments, Vancity Bank, Venmo, Volante, and Zelle.

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