Steven Chase, reporting for The Globe and Mail:
Canada and the European Union plan to link next-generation payment systems to enable faster cross-border transactions, according to a draft joint statement prepared for a summit between Ottawa and Brussels later this month.
[…]
The draft statement doesn’t detail what next-generation payment systems include, but this term has been used by others to refer to a major upgrade of a country’s core payment infrastructure, usually built around real-time payments. The core infrastructure is a central set of systems that clear and settle payments between financial institutions.
Canada and the EU are working to modernize the electronic systems that their businesses and people use to move money from place to place.
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