New paper from Swift and the Canadian Payments Association highlights the importance of renewed messaging standards for Extended Remittance Information in the region
New York, 7 March 2016 – Swift and the Canadian Payments Association (CPA) announce the release of a new information paper that outlines the adoption approach for ISO 20022 within the Canadian payments landscape.
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. It also details the existing remittance process for the region and covers ISO 20022-based payment remittance initiatives in other markets around the globe.
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 main drivers behind CPA’s ISO 20022 initiative are to provide the Canadian financial community with enriched, robust remittance data, to enhance domestic and cross-border interoperability, and to increase efficiency,” says Mark Brule, Director, Payments Innovations at the CPA. “This will provide downstream benefits for CPA’s members, stakeholders and their customers by reducing the heavy reliance on integration, manual processes and multiple, disparate payment standards.”
Stephen Lindsay, Head of Standards at Swift, says: “ISO 20022 provides rich and granular remittance information, and it can cater to different models of information exchange. More than 90 percent of all payments data elements are already captured in the standard, and a process is in place to meet additional local requirements. We’re pleased to see ISO 20022’s benefits being recognized by the Canadian community.”
“Swift has been working closely with the CPA and Canadian community as a whole to support its implementation of the new standard,” said Malene McMahon, Senior Business Manager at Swift. “Having delivered over one hundred standards consulting projects worldwide, we are well placed to share expertise and assist the region with such an important project.”
Please click here to download a complete copy of "Adoption of ISO 20022 for Payments and Extended Remittance Data in Canada."
About Canadian Payments Association
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.
About Swift
Swift is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in more than 200 countries and territories. Swift enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. Swift also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: Swift
Contacts:
Intermarket Communications
Swift-PR@intermarket.com
+1 212 754 5425
Ashley O’Brien
Swift
Ashley.OBrien@swift.com
+1 212 455 1942
Tricia Weagant
Canadian Payments Association
tweagant@cdnpay.ca
1 613-691 4482
1 613 806 5168
