Why Canada’s new instant payment system is about sovereignty

After years of delays, Canada is launching its national instant payment system. The first phase was initiated on Monday as part of a suite of new financial services aimed at both growing the economy and decreasing reliance on the United States. Workers, companies, retailers and restaurants will be able to receive funds immediately under the new system.

The Globe’s banking reporter, Stefanie Marotta, is on the show to explain how this all works, how Canada compares to other countries, and how it’s ultimately all about sovereignty.

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