Building a Payments System for the Future: The Canadian Payments Association Launches a Consultation Process on its Long-Term Payments Strategy



    OTTAWA, May 20 /CNW Telbec/ - The Canadian Payments Association today
launched a national consultation on its draft Long-Term Payments Strategy:
Vision 2020, an effort to prepare Canada's national payments framework for the
changing nature of payments. The consultation process is founded in broad and
sound research regarding payments and payment systems both domestically and
internationally.
    Canada's payment system is central to our country's financial system. The
proposed long-term payment strategy is a reflection of the user demands in
terms of payment services in Canada and around the world. Retailers want
faster and more cost-effective payments. Consumers continue to demand more
convenience and broader payment options. Billers want an easier and faster way
of compiling the information required with payments to enable straight-through
processing. As more companies do business overseas, the CPA also seeks to
enable regional interoperability of payments systems.
    The CPA's proposed strategy is to provide a common foundation to enable
its members to competitively deliver modern payments services and offerings to
Canadians and it is supported by four main pillars:

    
    - Facilitating Electronic Payments
    - Promoting Domestic and International Interoperability Standards to make
      payments more efficient;
    - Modernizing the CPA's regulatory framework to reflect new market and
      business realities; and
    - Offering new value-added services to CPA members and all users of
      Canada's payment system
    

    "These are just some of the issues at the heart of the CPA's new
consultation process and Long Term Payment Strategy," said president and CEO
Guy Legault, "The CPA's Payments Strategy will continue to evolve over time,
based on the input of the users of our systems. I encourage all stakeholders
to participate in our consultation process and to take part in building a
renewed payments system for Canada."
    As the strategy will set the direction for the association, it will be
put through a rigorous public consultation process. This process for CPA
members, stakeholders and the public is set to begin later this month and will
include webinars, written consultation, and five "town-hall" sessions across
Canada.
    The CPA believes this research and feedback will strengthen the strategy
and will lay the solid foundation for efficient, safe and sound clearing and
settlement systems, which balances the interests of all its users for years to
come.
    More information on the CPA's Long-Term Payments Strategy: Vision 2020
can be found on the CPA's website at www.cdnpay.ca

    The Canadian Payments Association (CPA), created by an Act of Parliament
in 1980, operates Canada's national clearing and settlement systems;
facilitates their interaction with other systems involved in the clearing and
settlement of payments; and facilitates the development of new payment methods
and technologies. It promotes the efficiency, safety and soundness of the
clearing and settlement systems, taking into account the interests of users.
Its current membership comprises virtually all of Canada's bank and non-bank
deposit-taking financial institutions. In 2008, the CPA's systems cleared and
settled transactions averaging $203 billion each business day.




For further information:

For further information: Geoffroi Montpetit, Director of Public Affairs,
Canadian Payments Association, (613) 238-4173 ext. 3240, info@cdnpay.ca

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Canadian Payments Association

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