In a KPMG survey of 250 Canadian business leaders released Thursday, 58 per cent of respondents said if the country’s payments system isn’t modernized, competitiveness will “continue to erode.” Sixty-five per cent of the leaders surveyed said Canada’s financial and payments infrastructure needs to be modernized “immediately” for open banking, real-time payments and digital identity. (The Logic)

Talking point: The development of a national payment infrastructure called the Real-Time Rail (RTR), which will let people send and receive real-time payments, has been long delayed, but is expected to be completed in July. The federal Liberals have been quiet about open banking since Mark Carney replaced Justin Trudeau. Financial Consumer Agency commissioner Shereen Benzvy Miller said in June that her group is still working with the finance department to develop rules and guidance for the rollout of open banking, but it’s not clear when the government will introduce long-awaited legislation to bring it closer to reality.