OTTAWA, March 21, 2017 /CNW/ - 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.
SOURCE Accenture