Flavours Of Fast
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UNDER DEVELOPMENT

In 2018, five countries—Canada, Czech Republic, Hong Kong, Hungary and Malaysia—have faster payment schemes under development.

FIVE COUNTRIES PREPARE FOR LAUNCH

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.

3 - 5 Years
Average Amount of Time to Launch a New Scheme
3 Schemes
Will Launch Before End of 2018

CANADA’S MODERNIZATION JOURNEY

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.

— Jan Pilbauer

Payments Canada CIO and Executive Director, Modernization

To read more about Pilbauer’s insights on the future of fast and what it holds for Payments Canada’s modernization journey, read the full interview on page 29 of the full report.