Although the recent public discourse on the construction of the nation has insisted on infrastructure megaprojets, the modernization of Canada’s digital infrastructure also represents emerging priority. According to new research, nearly two -thirds of business leaders want the modernization of the payments system to be accelerated and the implementation of a banking system open in Canada to stimulate productivity and competitiveness.
In a recent survey conducted by KPMG in Canada with 250 business leaders from across the country, 65 % of respondents said that the infrastructure underlying Canada’s financial and payments must be modernized immediately to allow the deployment of an open banking system, digital identity and a real-time payment system (PTR). Almost six in ten respondents (58 %) believe that Canada’s competitiveness will continue to underestimate payments without modernization.
“Our country is in the middle of a trade war, and we have to do everything in our power to protect ourselves from external economic threats. We have the opportunity to strengthen our competitive position by modernizing one of our largest activity sectors, that of financial services. Advanced digital infrastructure, such as the real -time payment system and the open banking system, will promote competition, innovation, financial inclusion and will stimulate growth and investments in Canada. We have to take this opportunity now, otherwise we will be late, ”says Geoff Rush, partner and national leader, financial services, KPMG in Canada.
Canada is working on the development of a PTR system, a national payment infrastructure that will allow Canadians to send and receive payments in real time and which will make compensation and instant payments between financial institutions possible. Canada also plans to implement an open banking system (or a consumer -focused banking system), thanks to which consumers will easily share their financial data with third -party financial service providers through applications, which will allow them to control their information as well as obtain a global portrait of their financial situation in several accounts by means of a single dashboard.
The two initiatives have been delayed for years, but they aroused a new sense of urgency when building the nation is growing. The federal government wants to launch a framework for an open banking system next year after the adoption of the initial law in 2024, but other legislative measures are necessary for a complete deployment. The implementation of a real -time payment system should be completed in July, and a one -year trial phase should follow, according to payments Canada.
According to Rush, the moment is well chosen to accelerate the two projects, given the strong pressures exerted by governments, citizens and business leaders to stimulate the productivity, competitiveness and economic self -sufficiency of Canada.
“Our survey shows that 64 % Business leaders agree that the open banking system, digital identity systems and real -time payment systems are not simple upgrades, but that they are the basis of resilient, competitive and inclusive economy, so that it is imperative that these projects go ahead as soon as possible, “says Rush.
“Without real -time payment system, payments processing can take days, which exposes organizations to increased risk, liquidity, operational and systemic risks. Without an open banking system, consumers who want to interact with financial technologies are forced to share their financial data through screenshots, which arouses serious concerns in terms of confidentiality and dissuades them to register for the innovative services offered by financial technologies. We have to reduce these risks and obstacles to competition for Canadian businesses and consumers, “said Rush.
