Payments Canada Selects Accenture to Support Industry-Wide Modernization Program
March 21 2017 - 11:35AM
Business Wire
Payments Canada has selected global consulting firm Accenture
(NYSE:ACN) to help it lead Modernization – the multi-year
initiative to transform the systems and rules essential to Canada’s
payments ecosystem.
Due to the scope of the program and the number of participants
involved, Payments Canada sought to team with a company that could
provide in-depth payments expertise, along with change-management
and program-management services to help manage the initiative.
“The payments Modernization program for Canada is multifaceted,
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.”
In December, Payments Canada released far-reaching plans to
change the infrastructure and rules that underpin financial
transactions in Canada. These changes include imminent enhancements
to existing systems to speed up transactions, as well as
longer-term improvements such as the implementation of a faster
payments capability, a new core clearing and settlement system, and
the introduction of the global messaging standard ISO 20022, which
will facilitate the transition from paper-based invoicing and
cheques to digital processing for these functions. Accenture will
be directly engaged in all of this work over the next three to four
years while helping to establish an industry project management
office that will support financial institution participants
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.”
Gerry Gaetz, president & CEO at Payments Canada, said, “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. Together, we will work with financial institutions and key
stakeholders to transform the payments system for the benefit of
all Canadians.”
Payments Canada released the Industry Roadmap & High-Level
Plan for the Canadian payments ecosystem in December 2016. These
plans were the result of extensive work with financial institutions
and stakeholders to address the needs identified in Payments
Canada's Vision for the Payments Ecosystem. For more information on
payments modernization in Canada, visit
payments.ca/modernization.
About Payments Canada
Payments Canada ensures that financial transactions in Canada
are carried out safely and securely each day. The organization
underpins the Canadian financial system and economy by owning and
operating Canada’s payment clearing and settlement infrastructure,
including associated systems, bylaws, rules and standards. The
value of payments cleared and settled by Payments Canada in 2016
was C$51 trillion, or C$201 billion every business day. These
encompass a wide range of payments made by Canadians and businesses
involving inter-bank transactions, including those made with debit
cards, pre-authorized debits, direct deposits, bill payments, wire
payments and cheques.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With more than 394,000
people serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us
at www.accenture.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170321006169/en/
Payments CanadaTricia Weagant, + 1
613-806-5168tweagant@payments.caorAccentureTheresa Ebden, + 1
416-358-6741theresa.ebden@accenture.com
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