The research identifies a series of commonalities between jurisdictions with modernised payment systems, but reveals there is no “one size fits all” approach to modernising payments. Each country’s path to modernisation is unique, shaped by local public policy priorities, user needs and legacy payment systems.
Across 27 jurisdictions, Payments Canada and Bank of Canada found that most modernisation initiatives involved: adding a new real-time retail system, not necessarily accompanied by real-time settlement, building new or enhancing batch retail payment systems, upgrading large-value payment systems to support interoperability of faster retail systems, leveraging centralised infrastructure to enhance overall functionality, widening access to core payment systems, a holistic, multi-system approach to modernisation.
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