The new normal in Canada is an economy and society increasingly connected online. Canadians moved at rapid speed during the pandemic to adopt new technologies and digital services \u2013 and that continues to keep pace. Along with this digital adoption, the federal government is in the process of updating many of its laws and regulations to allow Canadians to thrive in a digital world.<\/p>\n\n\n\n
With the introduction of legislation such as Bill C-27, ongoing consultation on an open banking system and regulatory updates to Canada\u2019s payment framework, we are seeing necessary progress in Canada\u2019s digital competitiveness that should help enable new innovative solutions and services for Canadians. <\/p>\n\n\n\n
To assist on identifying needs for a path forward, Interac provided recommendations to the House of Commons Standing Committee on Finance\u2019s annual Pre-Budget Consultation process. We believe government should continue to enhance service delivery and support increased convenience for all Canadians through the adoption and expanded use of digital payment processing and digital verification solutions across the federal government. <\/p>\n\n\n\n
Below is a summary of our key recommendations. You can read our full submission to the Committee here<\/a>. <\/p>\n\n\n\n Providing new digital payment processing capabilities to businesses and governments to complement existing methods is a priority for Interac because of the benefits that can be realized, including increased efficiency, ease of use and cost savings. <\/p>\n\n\n\n Launched in 2021, Interac<\/em> e-Transfer\u00ae for Business<\/a> builds on the widespread adoption of the retail Interac<\/em> e-Transfer service by providing features and benefits that Canadian businesses need in an increasingly digital commercial environment. <\/p>\n\n\n\n During the pandemic, Interac worked with several provincial governments to distribute aid securely and quickly using Interac<\/em> e-Transfer<\/a>. There is room for further adoption of such solutions across the federal government, in line with the goals of digital adoption and modernization set out in the recent Digital Ambition 2022 document released by the Treasury Board Secretariat. <\/p>\n\n\n\n In its submission, Interac encourages the government to take a citizen-centered approach to payment service delivery, prioritizing digital adoption to reduce the reliance on cheques and make government payments more efficient and cost-effective. <\/p>\n\n\n\n Building economic prosperity requires an approach to digital access and verification that places Canadians, and their privacy, squarely at its centre. <\/p>\n\n\n\nModernization of government payment processing<\/h2>\n\n\n\n
Advancing access through secure digital verification services <\/h2>\n\n\n\n