Payments Innovation

Payments Canada Picks Accenture To Assist In Modernization Initiative

Payments Canada has selected global consulting firm Accenture to help it lead Modernization, the multi-year initiative to transform the infrastructure and rules that support financial transactions in Canada.

According to a press release, Payments Canada chose Accenture due to its expertise with in-depth payments, change-management and program-management services.

“The payments Modernization program for Canada is multi-faceted, requiring a high level of engagement from players across the industry,” said Jan Pilbauer, executive director of Modernization 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.”

Payments Canada released its Industry Roadmap & High-Level Plan in December 2016, which is designed to put the country on the leading edge of payments. There will be immediate improvements that support faster transactions, as well as long-term upgrades, such as a new core clearing and settlement system and the introduction of global messaging standard ISO 20022, which will eventually help the system transition from paper-based invoicing and checks to digital processing.

Accenture will be involved in every step of the process, which is estimated to take three to four years, as well as set up an industry project management office to support financial institutions throughout the transition.

“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 modernization initiatives around the world for more than a decade, and we are thrilled to provide consulting services on Payments Canada’s innovative venture.”

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