Payment clearing and settlement systems

• May 30, 2024

  Future-proofing our payments systems

  Speech summary Ron Morrow Payments Canada SUMMIT Toronto, Ontario

  Executive Director of Payments, Supervision and Oversight Ron Morrow talks about how payments have evolved in Canada and why it’s important to modernize our payment infrastructure.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Bank notes, Digital currencies and fintech, Payment clearing and settlement systems, Retail payments supervision
• May 30, 2024

  Laying bare the evolution of payments in Canada

  Remarks Ron Morrow Payments Canada SUMMIT Toronto, Ontario

  Ron Morrow, Executive Director of Payments, Supervision and Oversight, talks about the evolution of payments in Canada, as well as the Bank’s new supervisory role for payment service providers.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Bank notes, Digital currencies and fintech, Payment clearing and settlement systems, Retail payments supervision

• Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm

  Staff Working Paper 2024-17 Sofia Priazhkina, Samuel Palmer, Pablo Martín-Ramiro, Román Orús, Samuel Mugel, Vladimir Skavysh

  We build a network formation game of firms with trade flows to study the adoption and usage of a new digital currency as an alternative to correspondent banking.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Digital currencies and fintech, Digitalization, Economic models, Financial institutions, Payment clearing and settlement systems, Sectoral balance sheet JEL Code(s): C, C6, C7, C71, D, D4, D8, D85, G, L, L2, L22

• Finding a Needle in a Haystack: A Machine Learning Framework for Anomaly Detection in Payment Systems

  Staff Working Paper 2024-15 Ajit Desai, Anneke Kosse, Jacob Sharples

  Our layered machine learning framework can enhance real-time transaction monitoring in high-value payment systems, which are a central piece of a country’s financial infrastructure. When tested on data from Canadian payment systems, it demonstrated potential for accurately identifying anomalous transactions. This framework could help improve cyber and operational resilience of payment systems.

  Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Financial institutions, Financial services, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C4, C45, C5, C55, D, D8, D83, E, E4, E42