Payments

In Canada, payments are becoming faster and more data-rich, with higher limits. More new entrants are anticipated over the next few years, fostering greater competition and innovation while providing consumers and businesses with more diverse and flexible payment products and services. Many of our clients across the payments ecosystem are looking to make payments within their organizations more operationally efficient, commercialize them for revenue or insights, and reduce fraud. We’re here to help them do all that and more.

Payments in Canada are undergoing a generational upgrade, introducing secure, 24/7/365, real-time, and data-rich transactions, while enabling risk-based access for new entrants to bring increased competition and innovations.

Our purpose is to fundamentally transform and improve the Canadian payments landscape for the next generation through safe and secure commerce.

Serving clients from advisory through implementation, Deloitte Canada’s Payments practice is the pre-eminent market leader, playing instrumental roles in enterprise-level payments strategies and the successful launches of nation-wide payment solutions and offerings across industries. We’ve advised across payment domains, including real-time/low-value payments, high-value payments, ISO 20022, future of retail batch payments, payment schemes and cards, rails and networks, merchant acquiring, and real-time fraud prevention. We also pride ourselves in bringing unique, differentiated industry insights and global learnings to our clients while helping them navigate Canada’s evolving payments landscape and realize business value from their complex transformations.

We serve Canadian organizations across industries in the public and private sectors, helping them unlock new opportunities to improve operational efficiencies, reduce fraud and waste, elevate customer experiences, and innovate for revenue or insights-driven purposes. In short, we enable our clients to harness modern payments capabilities and solutions to deliver differentiated products and services - at scale.

Our services include:

• Payments strategy, commercialization, and innovation
• Product market launches 
• Merchant acquiring services
• Vendor selection and partnership models
• Payments transformation delivery
• Payments operations
• Payments managed services
• Fraud and risk management
• Program integrity

Embracing the future of financial messaging with ISO 20022

In the realm of payments, robust and interoperable communication standards are not merely table-stakes—they’re essential to deliver innovative customer experiences, streamline operations, and leap-frog legacy systems. ISO 20022 emerges as the leading global financial communication framework, setting a new benchmark for financial messaging across a broad range of institutions. As an international standard that redefines financial communication, ISO 20022 offers myriad benefits to the corporate world, enhances operational efficiency, and strengthens the foundation for innovation in financial services.

Key features and benefits

• Standardization: ISO 20022 introduces a global standard for financial messaging, enabling consistency across various financial processes.
• Operational efficiency: By providing a common structured language for payments data, it enables automation of repetitive tasks within accounts receivables, accounts payable, and cash management functions—reducing complexity and eliminating translation errors between different systems.
• Enhanced data quality: The rich, structured data format allows for improved data analytics, directly aiding in risk management, compliance, and transaction monitoring.
• Clearer transactions: Increased transparency through detailed payment information helps in accurate tracking and forecasting of cash flows.
• Global reach: Designed to be universally applicable, the standard is supported in more than 70 countries, allowing for seamless international transactions.

ISO 20022 is not merely a new payments standard—it’s the harbinger of a new era in financial communication, marked by uniformity, clarity, and accessibility. As we look ahead, organizations that can adeptly harness the prowess of ISO 20022 will stand out in terms of operational efficiency in their industry. Foresight in navigating this transition will not only enable them to meet immediate regulatory demands but also pave the way to future-proofing their operations, enhancing customer experiences, and elevating financial functions to support their strategic objectives.

Reach out to us to learn more about how the future of payments will impact your business and how we can best serve you.