- BC Business
We hosted a forum with Payments Canada to help companies learn how to take advantage of this opportunity and we are pleased to share the presentation in this online guide. Canadian businesses need access to fast, inexpensive and efficient payments methods. An outcome of modernization will be faster processing of funds, more data travelling with payments and increased funds availability.
Payments modernization will benefit BC businesses.
Put yourself in the shoes of an executive at a mid-sized B.C.-based exporter. It is 11 a.m. on the Friday of a long weekend, and your breakfast is already giving you indigestion. Well, it’s not the food. It’s because on Wednesday, your goods were loaded on a cargo ship in Vancouver harbour bound for Shanghai and you were expecting the payment to be in your bank account before the weekend.
What you have just learned is that the necessary processing, which includes verification of documents plus the mandatory security reviews, was not completed by the mid day cut-off time that would allow for same-day payment within the Canadian payments-settlement system. The payment will not show up in your bank account until the following Tuesday.
The closing time to initiate payments is, in fact, the same time for all of Canada – always set in Eastern Time. That is until now.
Effective this September, there will be a third exchange, closing at 6:00 pm (PT) for electronic fund transfers (EFT).
This enhancement is a direct result of the work AdvantageBC was doing to build the case for extending bank settlement hours so that Western Canadian companies are no longer at a disadvantage.
Here’s what’s included in the complimentary online guide.
Part 1: Payments Modernization Benefits For BC Businesses
Part 2: Payments Modernization Opportunities For BC Businesses