Earlier this year, Payments Canada reportedly conducted a public consultation on proposed changes to Rule H6, which provides the framework for processing bill payment remittances via the Automated Clearing Settlement System (ACSS).
The proposed changes aim to improve operational efficiency, the ability to embrace technological advancements in “an evolving marketplace and the bill payment experience for all impacted groups.”
Responses to the consultation confirmed support for the proposed improvements and identified areas “where refinements may be required.”
Key themes identified in consultation responses included:
- Agreement to expand the scope of the Bill Payment Framework to include electronic bill payments made to non-Corporate Creditor Identification Number (CCIN) billers.
- Strong support for a new streamlined enrollment process for billers, including standardization.
- Encouragement for Payments Canada to promote consistent value-dating practices between CCIN and non-CCIN billers.
- Support to remove paper-based remittances as acceptable items for exchange.
- The need for reasonable timeframes for implementing any changes.
Payments Canada acknowledged the input from all respondents, including financial institutions, billers and consumers.
Payments Canada explained that it analyzes all feedback and proposed refinements are “examined and discussed with members and stakeholders.”
According to the update, public consultation plays “a critical role in shaping Payments Canada’s rules and standards, which lay out the roles, responsibilities and obligations regarding the appropriate handling of payment items exchanged, cleared and settled through our payment systems.”
Feedback from a wide range of members and stakeholders with diverse perspectives helps to inform the “development and evolution of Payments Canada’s legal framework, ensuring its continued relevance and effectiveness in supporting safe, secure and efficient payments in Canada.”
In another update, it was noted that last year, 21.7 billion retail payment transactions were made in Canada, “totaling $11.9 trillion.”
That’s a lot of payments and a lot of money spent by Canadians.
As we enter arguably the “busiest” holiday shopping period of the year, here’s a closer look at the retail payment options that consumers are using.
According to Payments Canada research, Canadian e-commerce — “using web-based storefronts and applications via computers or mobile devices to obtain goods and services from merchants — grew to $71.6 billion last year, or 546 million transactions in 2023.”
The top categories of online purchases included “clothing, restaurants/fast food, groceries, electronics and personal beauty products.”