The Canadian Payments Association (CPA), the country’s financial market infrastructure for payments, has announced that it has changed its name to Payments Canada.
The new name and brand identity reflects the organization’s 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."
For more than 35 years, Payments Canada and its Financial Institution participants have ensured that financial transactions in Canada are carried out safely and securely each day. In 2014, the legislation governing Payments Canada was revised and the organization broadened the interpretation of its mandate, a move that set the wheels in motion for fundamental change.
With a renewed focus on service and excellence, the organization went on to modernize its governance and recruit a new Board of Directors with greater independent representation.
Payments Canada attracted new leaders, built internal capacity, and carved out a new strategy centred on modernizing the payment system to meet the evolving needs and expectations of financial institutions, businesses, consumers and governments.
To date on the modernization journey, Payments Canada has led a consultative process involving more than 100 financial institutions, businesses, consumer groups and governments to identify a collective vision for the future of Canadian payments.
The organization also recently adopted ISO 20022, a global payment messaging standard, an important step in a process that will enable significant improvements to the payments system over time.
The tagline – "Connect" – is representative of the connections within the payments ecosystem, which are becoming more complex and sophisticated each day. It is about connecting through ideas, through research, through rules and standards and through systems, like a complex network of bridges and roads.
The logo form is inspired by guilloche patterns used to secure paper currency. It is part of a larger pattern, giving a sense of momentum and more connections as the pattern forms.
Gaetz said: "We are an ecosystem. We must connect, collaborate and compete to innovate. The future of Canadian payments relies on it."