SWIFT and CPA examine Canada’s adoption of ISO 20022

The paper, "Adoption of ISO 20022 for Payments and Extended Remittance Data in Canada," focuses on three broad approaches for implementing Extended Remittance Information (ERI) and outlines the expected benefits of ISO 20022 and ERI adoption in Canada. Highlights from the paper include commentary from companies such as Canadian National Rail, Wells Fargo, IFX Forum and SEB on area of focus in the implementation plan and future benefits for the region such as the potential for automated reconciliation of incoming payments with outstanding invoices and a general increase in payments automation. The Canadian Payments Association (CPA) owns and operates Canada’s payments clearing and settlement infrastructure, including associated systems, by-laws, rules and standards. The CPA underpins the Canadian financial system and economy by providing safe, efficient and effective clearing and settlement of payments, which totaled $49.6 trillion in 2015, or $196.8 billion every business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made via debit cards, pre-authorized debits, direct deposits, bill payments, wire payments or cheques. The CPA's Large Value Transfer System (LVTS) is designated by the Bank of Canada as a systemically important payment system.