Payments Canada has selected Accenture to help support an industry-wide modernisation programme.
Supported by the Canadian government, Payments Canada oversees the clearing and settlement infrastructure, processes and rules of financial transactions in the country.
Payments Canada will work with Accenture to harness the company’s in-depth payments expertise, along with change-management and programme-management services.
“The payments modernisation programme for Canada is multifaceted, requiring a high level of engagement from players across the industry,” said Jan Pilbauer, executive director of Modernisation and CIO at Payments Canada. “We knew we needed a strong consulting partner to support this. Together, Payments Canada and Accenture will help lead the industry through change to reach our end goal: creating fast, flexible and simple ways for Canadians to pay.”
In December 2016, Payments Canada released plans to change the infrastructure and rules which underpin financial transactions in the country. This included enhancements to existing systems, the long-term introduction of faster payments capabilities, and a new core clearing and settlement system.
A new global messaging standard will also be introduced, helping to support the transition from paper-based processes to digital.
Over the coming years, Accenture will work directly with Payments Canada to support the changes it is implementing.
“We look forward to coming together as one team,” said Robert Vokes, managing director of Accenture’s Financial Services practice in Canada. “Accenture has been supporting payments modernisation initiatives around the world for more than a decade, and we are thrilled to provide consulting services on Payments Canada’s innovative venture.”
“This is important work that will put Canada on the leading edge of payments, and a strong, dynamic and global team is key to our success,” said Gerry Gaetz, president and CEO at Payments Canada. “Together, we will work with financial institutions and key stakeholders to transform the payments system for the benefit of all Canadians.”