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Contributors:
David Patrick – Senior Manager – Payments, EY Canada
Himanshu Tuteja – Manager – Payments, EY Canada
Rachel Ding – Senior Consultant - Payments, EY Canada
Imagine paying your bills and getting paid were faster, easier and more secure
Payments modernization in Canada — specifically the introduction of Real-Time Rail (RTR) and rich data (ISO 20022) — will enable banks, payment service providers and fintechs to create more innovative value-added services to enhance the bill payment experience for retail and business customers alike.
of Canadians stated that COVID-19 had changed their payment preferences to digital and contactless for the long-term
of Canadians pay their bills through online banking or a PAD
of Canadians experience some form of frustration when paying their bills
1. Source: Canadian Payment Methods and Trends Report 2021, Payments Canada
2. Source: Payments Challenges and Opportunities, Payments Canada
Unlocking opportunities through rich data with RTR
The impact of RTR on enhanced bill pay
Canada's RTR solution will be the catalyst that enables financial institutions and businesses with rich data to generate deeper insights and greater opportunities, such as, providing customers a streamlined and enhanced bill pay experience.
Innovation Through Data
New Application Development
Curated Customer Experience
Driving adoption with value-oriented use cases
Coupling RTR features to deliver a simplified billing experience in Canada
With existing or emerging payment technologies and updated regulations, banks have the opportunity to accelerate the growth of faster payments and partner with fintechs and payment service providers to create a frictionless bill pay user experience for customers.
Example Features of a Modern Bill Pay Experience:
How a modern bill payment journey could look
Billers can request bill payments from customers, offer payments plans (BNPL) and have two-way communications
Request a Pay (RtP) User Journey for Bill Payments
A Canadian customer who prefers to pay bills on time but can't remember all the due dates
Richer payments will become a reality with the RTR launch in 2023, the time to act is now.
If you are interested in discussing the topic, please reach out to the authors.
Summary
With existing or emerging payment technologies and updated regulations, banks can accelerate the growth of faster payments and partner with fintechs and payment service providers to offer a frictionless bill pay user experience, enhancing the last-mile delivery of payment services for customers.
At EY, we provide a wide array of real-time payments strategies and integrated delivery services to support you on your payment modernization journey and help you achieve a growth-oriented payments transformation