The Canadian Payments Association (CPA), the country’s financial market infrastructure for payments, has changed its name to Payments Canada.
Payments Canada said the new name and brand identity reflects its transformation in a rapidly changing payments marketplace.
Payments Canada president & CEO Gerry Gaetz said: "As we work towards modernizing the payment system to best support the changing needs of Canadians, it is clear how much we have changed as an organization as well. We felt it was important to reflect that outwardly – to signal our transformation, growing connections and new approach to serving the Canadian economy."
The organization also recently adopted ISO 20022, a global payment messaging standard, to enable improvements to the payments system over time.
The organisation has chosen ‘Connect’ as its new tagline, which according to Payments Canada is representative of the connections within the payments ecosystem.
"We are an ecosystem. We must connect, collaborate and compete to innovate. The future of Canadian payments relies on it," Gaetz added.
Payments Canada owns and operates Canada’s payment clearing and settlement infrastructure, including associated systems, by-laws, rules and standards. The value of payments cleared and settled by it in 2015 was nearly $50 trillion. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made with debit cards, pre-authorized debits, direct deposits, bill payments, wire payments and cheques.