CPA Payments Strategy: Vision 2020
March 22, 2010
The CPA is pleased to announce that Vision 2020, the Payments Strategy, was approved by the CPA Board of Directors on February 18, 2010.
Starting now and over the next decade, the CPA will:
- Promote Electronic Payments;
- Drive Efficiencies in Payments;
- Modernize the CPA Regulatory Framework & Rules;
- Enhance Exchange, Clearing and Settlement Systems; and
- Expand Value-added Services.
Vision 2020 was crafted through years of intensive domestic and international research, benchmarking surveys with international counterparts, needs assessments, and strategic planning sessions with members and stakeholders. In addition, the strategy sparked the largest consultation effort in the history of the Association, incorporating a written consultation exercise, webinar sessions and six cross-country town-hall sessions, forums in which participants could discuss their views, learn from their industry counterparts, and round out the panoramic perspective that is so valuable to the CPA’s policy development process.
The high level of participation during the consultation clearly demonstrated the need for such a strategy from the broad community of users of the payment system. Participants represented more than 100 organizations, including corporate stakeholders, payment service providers, consumer organizations and member financial institutions, along with other interested parties.
The feedback collected during the 2009 consultation has helped shape the final strategy into a roadmap for personal, corporate and wholesale payments which ensures that the systems for payments, clearing and settlement continue to evolve to meet the needs of Canadians until the year 2020, and beyond.