Canada’s outdated banking and payments system costs consumers greatly
David Dodge is a former governor of the Bank of Canada and deputy minister of finance. He is senior adviser at Bennett Jones LLP. Bob Fay is managing director of digital economy at the Centre for International Governance Innovation.
In Canada, daily transactions such as moving money between accounts, from one institution to another, or simply paying bills online requires multiple parties and platforms, which can cause extensive delays in the movement and availability of funds. Isn’t it strange to have to wait until the next business day for the processing to begin when a bill is paid on the weekend or a holiday?
Canada’s continuing delay to implement a modern, national real-time payments system is costing consumers greatly, and there is sadly little competition in our financial sector that would give companies the incentive to change this.
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