EDI payment processes are beginning to show cracks when it comes to meeting the needs of today’s corporate and commercial banking clients. The future demands modernization for enhanced speed, agility and transparency.

Canada’s business to business (B2B) ecosystem is poised for a pivotal transition—one that will modernize aging infrastructure and align with the broader transformation reshaping the payments landscape over the past decade. At the heart of this shift are growing expectations from both consumers and businesses for faster, more seamless, and accessible payment experiences—anytime, anywhere.

Electronic Data Interchange (EDI) has long been a cornerstone of interbank bill-payment processes and B2B payments in key industries such as manufacturing, retail, healthcare and logistics. These legacy systems, while historically reliable, are ill-suited for today’s 24/7 digital economy that demands richer data, faster reconciliation, and seamless integration. The result? Inefficiencies, rising costs, and missed opportunities for innovation. As businesses and banks adopt powerful new technologies and as advancements in cloud computing reshape the payments ecosystem, the limitations of legacy systems supporting EDI are increasingly apparent.

Our latest whitepaper explores this overlooked challenge and presents a bold solution: a cloud-based industry utility designed to modernize EDI and B2B payments. By centralizing corporate onboarding, standardizing message transformation, and simplifying integration between corporate entities and bank systems, this platform approach could reduce duplication, streamline operations, and lay the groundwork for real-time, API-driven infrastructure.

Modernizing EDI isn’t just a tech upgrade—it’s a strategic imperative. As legacy vendors phase out support and corporate clients demand greater flexibility, banks must act now or risk being left behind. Our whitepaper breaks down the modernization case, the benefits of an industry utility model, and practical pathways forward for banks and businesses alike.

Learn how this transformation can unlock faster onboarding, lower operational costs, improved compliance, and a scalable future-ready foundation—without requiring businesses to overhaul existing systems.

Download the full whitepaper to discover how Canadian financial institutions can lead the next wave of B2B payment innovation:

Download the full whitepaper

 

Contributions from:

  • Ashwin Venkatesh, Director, Consulting Expert
  • Sandip Gorain, Senior Solutions Architect
Ashwin Venkatesh
Sandip Gorain