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Consumers all over the world have higher expectations than ever before when it comes to paying for the things they want and need.

They expect to pay for anything (products, services, apps, music and more) from anywhere, at any time of the day — and they want the whole experience to be fast, convenient and


Over the past decade, technical, social and economic developments have been challenging the payments system around the globe and at home. And while the Canadian payments infrastructure is recognized as one of the most secure around, we’re committed to making our systems even better when it comes to convenience and data, allowing Canada and Canadian businesses to innovate further and become even more efficient. As in many other countries globally, the Canadian payment ecosystem, with its multiple stakeholders, is embarking on a modernization journey to implement next-generation payment systems that are fast, flexible, and secure, and that foster innovation and competition across the Canadian marketplace.

What This Could Mean for Your Business

By introducing next-generation payment systems that are data-rich, flexible, and adaptable, Canada will enable a platform for innovation, and provide the rich, efficient systems Canada needs to compete in the future.


Across the board, businesses are going to be able to reduce their reliance on paper, accelerate their cash flow, integrate information across their entire financial supply chain and reduce friction points in the purchasing process.

Stephen Miller, RBC

What You Need to Do to Prepare for These Changes

Fortunately, many financial institutions, including RBC, are currently developing solutions that will allow businesses to take advantage of the opportunities and benefits that will arise from the upcoming changes. And while solutions will be available to support you, there are a few things you can do to prepare.

  1. Determine how you want to manage 24/7/365 customer payments. For instance, will you invest to automate this process, or manage this by updating your terms?
  2. Think about your current infrastructure and how best to take advantage of the incoming information — and how it might improve your cash application process. In many cases, a short term and long term strategy will make sense.
  3. Review and understand the opportunity to increase automation of historically labour-intensive activities. For instance, can inventory management become a more streamlined activity? What about purchase orders?

How Changes Will Be Implemented

Around the world, countries are actively updating their payments infrastructure. With 17 countries having modernized to date, Canada has had the opportunity to study these global efforts and understand what works best when updating and improving the national payments system.

Modernizing Canada’s payments system is a complex, multi-year endeavour that will affect consumers, businesses, the government and financial institutions… and provide a platform for innovative solutions and increased efficiencies for the economy.

Diane Amato is a Toronto-based freelance writer who loves to talk about finances, travel and technology.

Shannon Lattin is a creative based in the United Kingdom, where she designs and illustrates for digital media.

Imagine faster buying, faster selling.
The changing face of payments in Canada and what it means for your business.

When it comes to paying for products and services, Canadians expect more. They expect payments to be fast, convenient, flexible and secure. The good news is, technology has advanced to the point that it’s easier than ever to pay for something from anywhere, at any time. But, there’s more to come. Here’s how we’re working together to modernize Canada’s payments ecosystem to meet the changing needs of our business clients and consumers.

The History of Payments (abridged)

Pre-1000 B.C.
Barter system

1000 B.C.
First metal coins

800 A.D.
First paper money

First cheque

First charge card

First ATM

First Canadian bank online

First mobile payment

First decentralized cryptocurrency

Canada’s Changing Payments Landscape

of Canadians own a smartphone.

of Canadians used mobile banking in the last year.

decline in use of cash by Canadians between 2008 and 2014.

of Canadian businesses are looking for more payment options.

would be willing to move away from cash, if they had other options.

would be willing to move away from cheques, if they had other options.

of businesses believe they are spending too much time on payment processing activities.

The Goal

A more modern payment system will mean widespread benefits for businesses and their customers alike.

Secure transactions processed in real-time.
Benefit to businesses
No waiting to get paid or for cheques to clear.

Quicker access to funds for both people and businesses.
Benefit to businesses
Easier cash flow management.

Seamless cross-border commerce.
Benefit to businesses
Faster and easier international transactions.

Automated accounts payable and receivable reconciliation with richer data and payment information.
Benefit to businesses
Better record keeping and accounting with real-time data.

What businesses need to do to prepare

There are a few things you can do to get ready for the upcoming changes, so you can make the most of them.

Determine how you want to manage fast or real-time customer payments.

Cash Flow
Understand how your current process and needs (short- and long-term) could benefit from the availability of increased data.

Customer experience
Consider how you could improve end-customer experience with the arrival of increased speed and data capabilities.

“The History of Money,” NOVA, Oct. 26, 1996
“The evolution of the mobile payment,” TechCrunch, Jun. 17, 2016
“Requiem for a Bright Idea” Forbes, retrieved Jan. 11, 2018
“A Brief History of Checking” Infoplease, retrieved 5 June, 2018