Canada ISO 20022 under the microscope

SWIFT and the Canadian Payments Association (CPA) announce the release of a new information paper that outlines the adoption approach for ISO 20022 within the Canadian payments landscape.

The paper – Adoption of ISO 20022 for Payments and Extended Remittance Data in Canada – focuses on three broad approaches for implementing Extended Remittance Information (ERI) and outlines the expected benefits of ISO 20022 and ERI adoption in Canada. It also details the existing remittance process for the region and covers ISO 20022-based payment remittance initiatives in other markets around the globe.

Highlights from the paper include commentary from companies such as Canadian National Rail, Wells Fargo, IFX Forum and SEB on area of focus in the implementation plan and future benefits for the region such as the potential for automated reconciliation of incoming payments with outstanding invoices and a general increase in payments automation.