Video: Benefitting from Payments Modernization
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The way we do business today, both in the US and internationally, has changed dramatically. For instance, many corporations are moving away from checks and other paper-based instruments in North America in favor of automation, outsourcing, and digital solutions, such as integrated payables, integrated receivables, and commercial card programs. PNC Bank Canada branch can help you along this journey.
For those doing business in Canada, now is an exciting time. Canada is undergoing an extensive payments modernization initiative that can afford companies the opportunity to re-engineer their treasury operations in several ways. As part of this modernization effort, Payments Canada is building a new clearing and settlement system, adding richer payment information to ACH payments, establishing a real-time payments rail, and aligning Canada with global standards by adopting the ISO 20022 file formats.
As an active member of Payments Canada, PNC, along with other leading financial institutions, continues to incorporate client feedback into this project. This will confirm that all changes are reflective of the needs of companies just like yours. PNC can help your company navigate through the upcoming industry enhancements and take advantage of certain benefits, including enhanced remittance information, quicker payments, and streamlined file formats. In addition, these changes can make it easier for businesses to send a single bulk payment file from your ERP system to initiate various types of payments with just one file.
As with any change, it's important to review your current Canadian Treasury Strategy and to position your company for future success. At PNC, we're happy to work with our clients on this journey. Please reach out to your relationship manager or use the Contact Us form on our website at pnc.com/Canada to get in touch. Our team of international advisors can review business objectives and share strategic insights for companies doing business in Canada and around the world.
