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ARTICLE · 27 JUNE 2023

Canada's Outdated Banking And Payments System Costs Consumers Greatly

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David Dodge writes in the Globe and Mail on why Canada's outdated banking and payments system costs consumers greatly. The following is based on discussions at the Digitalization of Payments and Currency workshop...

CanadaFinance and Banking
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David Dodge writes in the Globe and Mail on why Canada's outdated banking and payments system costs consumers greatly. The following is based on discussions at the Digitalization of Payments and Currency workshop, hosted recently by the Centre for International Governance Innovation and Bennett Jones. David co-authors the op-ed with Bob Fay, managing director of digital economy at the Centre for International Governance Innovation.

OPINION
Canada's outdated banking and payments system costs consumers greatly
Globe and Mail
Opinion
By David Dodge and Bob Fay

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?

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