EY CANADA modernisation and ageing technology also slow down progress .
“ Another challenge is the speed at which banks can transform their ageing infrastructure to enable real-time payments . Functions such as real-time fraud detection and real-time postings to the DDA should be in place for us to have widespread RTP offerings and therefore adoption .”
EY strives to be ‘ an agent for change ’ As with many sectors , the pandemic helped create an inadvertent , but welcome , acceleration within the payments space . There ’ s no escaping the impact that the pandemic had on small-and-medium-sized businesses , in particular . According to the Department of Industry , lockdowns and business failures resulted in nearly threequarters of a million job losses by the end of 2021 alone . During the pandemic , EY championed initiatives that helped small businesses get access to support and subsidies from their government . EY brought together some of the most significant players – including Canada ’ s largest banks ,
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