The Canadian Payments Association (CPA) has embarked on a multi-year initiative to modernize Canada’s national clearing and settlement infrastructure to better serve the payments needs of Canadians. Adoption of the ISO 20022 payment message standard is at the foundation of this important endeavour and is expected to generate positive outcomes spanning the entire payments value chain. These outcomes include (i) improved efficiency in payments processing; (ii) enhanced domestic and global interoperability; and, (iii) opportunity for innovation throughout the payments value chain. As such, the anticipated economic benefit to Canadians from ISO 20022 adoption is wide in scope.
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