SWIFT, CPA examine Canada’s adoption of ISO 20022

SWIFT and the Canadian Payments Association (CPA) have released ‘Adoption of ISO 20022 for Payments and Extended Remittance Data in Canada’, an information paper that outlines the adoption approach for ISO 20022 within the Canadian payments landscape.

The paper focuses on three broad approaches for implementing extended remittance information (ERI) and outlines the expected benefits of ISO 20022 and ERI adoption in Canada. It also details the existing remittance process for the region and covers ISO 20022-based payment remittance initiatives in other markets around the globe.

“SWIFT has been working closely with the CPA and Canadian community as a whole to support its implementation of the new standard,” said Malene McMahon, senior business manager at SWIFT. “Having delivered over 100 standards consulting projects worldwide, we are well placed to share expertise and assist the region with such an important project.”