With Consumer Directed Banking back on track for 2025, there is perhaps cause for optimism that a long awaited evolution in Canada’s payments ecosystem could become a reality over the next few years.
In addition to providing a comprehensive summary of the benefits of a faster, more open and competitive payments ecosystem, the opportunity cost of not evolving our payments landscape to include real-time payments (RTR) has been well documented in a recent research paper by the C.D. Howe Institute.Ā The paper also discusses specific actions that government and regulators can take to create a more innovative, competitive and fair payments ecosystem in Canada.
The full paper is available for download directly from the C.D. Howe Institutes website but it is worth highlighting several key themes/stats from the paper.Ā Many of these themes are already reflected in our payment strategies and implementation approaches for our clients.
Our team is optimistic about a better future for Canadian payments and will be following developments in this space closely.Ā As always, we look forward to working with ecosystem participants to learn more about their perspectives and how they view the considerable opportunity to win in our payments economy.
Anticipated Impact to CDN economy over 5 years.
Total Payment Transactions in 2022
Projected 5 year savings with RTR
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