Technology is affecting how Canadians make payments, so it will affect money too. To start with, Payments Canada is working with the Bank and with the major financial institutions to modernize our core payments systems. This will allow for wider access and more innovation.
The first stage is to replace the wholesale system, now over 20 years old, which manages transfers between major financial institutions and through which the Bank of Canada operates. Most of the work on the new wholesale system should be completed in 2020. Now, the wholesale system handles most of the dollar value of payments.