In 2018, five countries—Canada, Czech Republic, Hong Kong, Hungary and Malaysia—have faster payment schemes under development.
Canada, the Czech Republic, Hong Kong, Hungary and Malaysia are actively preparing to launch new schemes. The strategies,
motivations and launch plans for developing a faster payments scheme vary greatly: Hungary strives to promote
innovation in retail payments and create competition across the payments market to stimulate economic growth.
Hong Kong intends to expedite the migration to a cashless economy, while Canada strives to build a ubiquitous
system that encourages continual innovation on its real-time rails.
Payments Canada embarked on its payments modernization journey in 2015 and plans to release some of its real-time rail functionality
by late 2019. As Payments Canada CIO and Executive Director, Modernization Jan Pilbauer explained in an exclusive
interview featured in our full report, the move to a modernized system requires careful planning, strategy, feedback
and collaboration. Payments Canada solicited feedback from a number of stakeholders, including those not immersed
in the financial industry, to devise a platform that would support and encourage innovation, and address the
needs of its users.
When we talk about the platform for future innovation, the rail is the platform where people will be able to come up with
new ways to pay — bills and everything else. We want to build on what we already have in this country and ensure
that we put the proper foundation in place to support innovation and new ideas of how to use the underlying functionality
to move money and data in real-time.
Payments Canada CIO and Executive Director, Modernization