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Download Delivering Payments Modernization PAYMENTS CANADA ANNUAL REPORT 2019 TOGETHER. DELIVERING PAYMENTS MODERNIZATION. DELIVERING PAYMENTS 2 PAYMENTS CANADA PAYMENTS ANNUAL REPORT 2019 About this Report Our Mandate Clearing & Settlement System Statistics Message from Payments Canada Governance Board of Directors Chair, Eileen Facilitate Mercier Payments Canada Board of Directors Our People Message from Payments Canada CANADA PAYMENTS Executive Leadership Team President & CEO, Gerry Gaetz Risk Management: Program & Governance Member Advisory Council Report from the Chair of the Member Advisory Council Stakeholder Advisory Council 2019 Performance at a Glance Report from the Chair of the Management Discussion & 2020 Corporate Plan Stakeholder Advisory Council Analysis TABLE OF Summary of Financial Operations ANNUAL REPORT 2019 CONTENTS Top Achievements for 2019 Modernize Financial Statements & Auditors Who We Are Operate & Enhance Report Our Stories in 2019 Hydro-Québec powers forth on A review into the merits of New research shows curiosity The future is bright for mobile its payments modernization open banking about and investment potential payments journey in Bitcoin Turning words into action Younger generations: a driving A call for a global standard and Canadians rapidly adopting on the journey to data-rich force in changing payments certification for payment skills new payments channels payments 4 Payments Canada’s annual report, our public accountability publication, presents ABOUT THIS our financial and non-financial performance during the year. We believe this report CANADA PAYMENTS REPORT provides a view into who we are, how we work and our unique role in Canada’s economy, as it reflects upon our strategy, culture and business. Payments Canada also publishes a five-year corporate strategy and numerous research documents. Payments Canada ensures that financial transactions in Canada are carried out safely and securely each day. We underpin the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement ANNUAL REPORT 2019 infrastructure, including associated systems, bylaws, rules and standards. We hope you learn more about our organization and our successes and challenges in 2019. Explore payments.ca to understand our ongoing work and follow us on LinkedIn, Twitter and Facebook. We invite you to subscribe to our stakeholder newsletter, The Exchange, to keep up to date with Payments Canada’s news, and also to In Payments Today, a daily compilation of global payments news delivered to your inbox. 5 MESSAGE FROM PAYMENTS CANADA BOARD OF DIRECTORS CHAIR, EILEEN MERCIER PAYMENTS CANADA PAYMENTS Collaboration was the clear theme of 2019 as Payments Canada continued to prepare for and implement new payments systems. Our members and other stakeholders demonstrated their commitment to the Modernization program, engaging enthusiastically and responding quickly to challenges as they arose. Our progress with Modernization was made more The Society for Worldwide Interbank Financial urgent by the rapid evolution of payments around the Telecommunication (SWIFT) introduced a new level of world, with open banking becoming a new reality in uniformity to international payments when it released Australia and the Federal Reserve announcing plans its first set of guidelines for financial institutions ANNUAL REPORT 2019 for a real-time payment and settlement service to using the ISO 20022 payments messaging standard, support faster payments in the U.S. Data and privacy requiring that all financial institutions be in a position regulation got a boost in the European Union with to receive and process ISO payments using the ISO the introduction of the General Data Protection 20022 messaging standard by November 2021. The Regulation (GDPR), and card networks moved guidelines make it easier to ensure interoperability into real-time payments through acquisition and with domestic high-value payment processing when partnership, among other developments. conducting cross-border transactions. Payments Canada responded to this announcement by accelerating the introduction of ISO 20022 in Lynx, our soon-to-be, new high-value system, which will allow Canadian financial institutions to meet SWIFT requirements. SWIFT also announced the rollout of a new API standard for the preauthorization of funds, paving the way for fundamental change in open banking-enabled financial services. Eileen Mercier Payments Canada Chair, Board of Directors 6 MESSAGE FROM PAYMENTS Canadian regulators showed their responsiveness to change in the drafting of a The board undertook the critical project of recruiting a new President and CEO this CANADA BOARD OF DIRECTORS new Retail Payment Oversight Framework to regulate payments service providers year, settling on a choice that will ensure continuity of leadership at this pivotal CHAIR, EILEEN MERCIER in Canada. We expect this to be introduced into legislation as a part of the budget time. Tracey Black, head of the Modernization program, will take the helm at in Spring 2020. The Department of Finance’s Advisory Committee on Open Banking Payments Canada in March 2020. She is a leader with a reputation for collaboration CANADA PAYMENTS also undertook extensive consultations with a view to furthering progress in this and with a deep understanding of the rapidly changing payments space, our area in 2020. organization and its role within it. I have full confidence that Tracey will take Payments Canada to the next level and the board looks forward to working with her We continued to reinforce our message of alignment between open banking, and her management team. the Modernization initiative and the regulatory reforms being pursued in the retail payments services space. It is vital that Canada’s payments systems and I want to thank the members of Payments Canada’s Member Advisory Council supporting regulations keep pace with the rapid technological innovation occurring (MAC) and Stakeholder Advisory Council (SAC) for their support, continued in payments globally if we are to maintain and enhance Canada’s competitiveness. guidance and the vital contributions they make to the organization’s work. I want to also thank the board, including Dan Dickinson and Ernie Johannson both of The Payments Canada board is fully engaged in driving this message home. In whom left the board in 2019, in addition to our management team and the staff at ANNUAL REPORT 2019 2019 we welcomed two new directors: Kevin Patterson, Senior Executive Vice- Payments Canada for their hard work and dedication. Next year will present even President and Group Head, Technology and Operations, at CIBC and John Landry, more change, a challenge for which I believe we are well prepared as we enter this Head of Citibank’s Treasury and Trade Solutions (TTS) business in Canada. David new decade. Barnard and Susan Doniz were reappointed as independent directors. On behalf of the board, I want to thank CEO Gerry Gaetz for his seven years of leadership during a time of complete transformation of the organization. He led Payments Canada through a major shift in governance and kick-started the Modernization initiative by building a team with the capability and strength to execute on our Vision. He has been instrumental in creating a culture of innovation that supports our goal of making the Canadian economy stronger by striving to lead the world in what we do. Gerry, we wish you all the best with your next chapter. 7 MESSAGE FROM PAYMENTS CANADA PRESIDENT & CEO, GERRY GAETZ PAYMENTS CANADA PAYMENTS The rapid change witnessed in the payments landscape in 2019 shows no sign of slowing down in the decade to come. Payments Canada will remain a critical part of ensuring that the evolution of the payments industry continues. Our work and accomplishments in 2019 served to The payments marketplace was active, as we reinforce the role we play as we reached the third ushered in the launch of the Paytech Association stage of the four-stage Modernization program, and 20022 Labs. Our partnership with IBM and SIA an initiative that began in 2015. While there will came together to advance the schedule for Lynx. always be challenges with complex undertakings In addition, we accelerated the launch of Lynx, ANNUAL REPORT 2019 that involve our members, stakeholder partners, following the announcement of SWIFT’s November regulators and technology vendors, we have made 2021 deadline to receive and process ISO payments remarkable progress. With their strong collabo- using the ISO 20022 messaging standard. This ration and active participation, our vision is being announcement created the opportunity for us, as an realized. industry, to review the implementation plan for Lynx. As a result, we are able to turn on ISO capability two Throughout the year, we continued our work with years earlier than anticipated. the Department of Finance to prioritize regulatory changes and alignment with Payments Canada’s We witnessed the highly successful outcome of Modernization initiative, including to the Retail the third automated funds transfer (AFT) exchange Payments Oversight Framework, changes to the introduced a year earlier, and progressed our work Canadian Payments Act and the Department of with Interac on the Real-Time Rail (RTR). Finance’s consultation regarding open banking. We have highlighted the fact that the changes and alignments we have proposed will increase market competition and spur innovation as well as increase Gerry Gaetz protection of Canada’s systemically important Payments Canada President
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