Payments Canada’s Post

LESS THAN ONE WEEK until the The Payments Canada SUMMIT. I've bookmarked 30+ sessions to attend, but here are four that stand out: 1. Jeremy Wilmot - "Leaping forward to prevent falling behind: how Canada can quicken the pace of digitization" 2. Ron Morrow, Exec Director of BoC - "From Analog to Digital: the ongoing evolution of payments in Canada" 3. Radhika Kakkar and Donna Kinoshita - "In Conversation" 4. Hamed H. Arbabi, Cassie Wong, Daljit Singh and Chris Ferron - "The acceleration of innovation in Canadian payments: from foreign market trends to Canadian-born success stories" For those attending, what sessions did I miss?

What can you expect from #OBExpo🇨🇦? It’s where the future of #OpenBanking and #ConsumerDirectedBanking will be shaped. Join 600+ industry peers and 80+ star speakers across 3 stages of red hot content on June 11 in Toronto to be part of it.    In the Department of Finance's Fall Economic Statement, Minister Freeland committed to delivering Open Banking in Canada. The framework legislation, which will be supervised and enforced by a “government-led entity”, will be introduced in April’s Budget. Make sure you’re at the event to get ahead of the game; we’ll ensure delegates are ready for the road ahead.   If you’re not there, this is one event you’ll suffer from the FOMO! Secure your spot now before the early bird rate expires 👉https://bit.ly/3lyODTg   #OpenFinance #OpenData #Payments #ConsumerDirectedFinance 

A key challenge with the #CrossBorderPayments experience is limited access to Canada’s payment systems. Payments Canada is advocating for amendments to the Canadian Payments Act to expand membership eligibility and direct access to Canada’s payment infrastructure to include payment service providers (PSPs) who meet the necessary requirements, alongside other financial entities. Broader access could provide more choices for Canadians and businesses who rely on cross-border payments. Learn more in our latest perspective: https://bit.ly/40G7tbq #PaymentsMatter #EconomicStatement

Explore the global shift towards open APIs and the evolution of financial openness at the Women in Payments Canada 2024 Symposium. As the EU spurs growth and innovation in the payments space with PSD3 regulation, other regions are not far behind. Saudi Arabia is introducing new legislation, Colombia and Mexico are making strides, and countries like Brazil and India, with low credit card penetration rates, have rapidly adopted the Pay by Bank concept. Join moderator Buffy (Elizabeth) Duke (Caspian One Open Data) and panelists Shruti A. (CIBC), Karen Budahazy (Open Finance Network Canada (OFNC)), Julie Falardeau-Moghaddam (J.P. Morgan), and Bhavna Kaushal, as they explore how Canada compares in this transformative journey. Register now: https://ow.ly/tAMk50T4jvu #WomenInPayments #WIPCanada2024 #WomenLeadingtheGenerativeEra #WomenLeaders #WomenLeadership #WomenInTech #Payments #Fintech #Networking #OpenBanking

Canada’s financial landscape is rapidly evolving post-pandemic, embracing technology for resilience and sustainability.” #DigitalTransformation ⭐⭐⭐⭐⭐⭐⭐⭐ Key Opportunities include: ⭐⭐⭐⭐⭐⭐⭐⭐ 📖🔍Innovation Acceleration (Tech Progress): The surge in digital payments signals a broader trend of tech-driven financial solutions. #InnovationAcceleration 📖🔍Policy Adaptation (Responsive Governance): Government’s swift deployment of electronic aid exemplifies agile policy-making in response to global events. #PolicyAdaptation 📖🔍Economic Agility (Adaptive Economy): Canada’s quick pivot to digital transactions showcases an economy capable of navigating future disruptions. #EconomicAgility 📖🔍Consumer Trust (Secure Transactions): The embrace of secure digital payments indicates a growing consumer trust in fintech solutions. #ConsumerTrust 📖🔍Sustainable Practices (Eco-Friendly Shift): The shift away from paper-based processes reflects a move towards more sustainable, eco-friendly practices. #SustainablePractices The landscape is evolving, with digital payments at the heart of financial interactions, driving efficiency, security, and innovation. #DigitalPayments #Fintech #EconomicResilience #ConsumerBehavior #FinancialAidImpact #DigitalEconomy #Covid19Economy #CanadianInnovation"

** Canada's Shift During the Pandemic** ⭐⭐⭐Exploring the Payment Revolution: 📖🔍 Dive into Stephen Yun's compelling analysis of how COVID-19 has transformed the way Canadians handle money. Here are the top takeaways: 1. **Digital Over Paper**: The pandemic accelerated the preference for digital payments, with direct deposits outnumbering cheques by over 7:1, showcasing the need for speed and convenience. 2. **Government Support**: At the peak of the pandemic, nearly 40% of Canadian adults received financial aid through CERB and CEWS, highlighting the critical role of electronic payments during crises. 3. **Economic Resilience**: Despite the economic downturn, Canadians' shift to digital payments reflects a resilient adaptation to unprecedented challenges. 4. **Consumer Behavior**: The article sheds light on the changing consumer behavior, where Canadians are not just seeking convenience but also security and reliability in their transactions. 5. **Future Outlook**: Yun's insights point towards a future where digital payments are not just a trend but a fundamental aspect of our financial ecosystem. https://lnkd.in/gMKbfs9d #paymenttrends #PaymentNews #DigitalPayments #finance #digitalpayments #PaymentEvolution #FintechFuture #CashlessCanada #economicresilience #ConsumerBehavior #FinancialAidImpact #DigitalEconomy #Covid19Economy #canadianinnovation

Three days ago I relocated to Malta and am excited to learn more about the country and gain new experience. Let’s have a look at the future of banking in Malta. Malta’s banking sector is a key pillar for the economy with a significant contribution to Malta’s Gross Value Added (GVA) of 6.2% in 2022, compared to a Eurozone average of 2.8%. The sector operates more than 75 branches, employs over 5,400 persons and holds over €41bn in assets, equivalent to 249% of GDP. The banking sector came out of the Covid-19 pandemic relatively intact, supporting borrowers and the economy alongside targeted Government initiatives. The sector is now feeling the ripple effects of more recent exogenous shocks, such as the supply chain issues, high inflation rates, rising interest rates and geopolitical tensions as well as the regulatory changes. Faced with these realities, the local sector continues to weather these challenges from a position of strength as a result of the largely traditional operating models, strong capitalisation and well-balanced risk portfolios. The sector is now at a crossroads – the socioeconomic environment is transforming rapidly resulting in a growing diversity in the needs of stakeholders. Banks are hence faced with the challenge of aligning their strategic objectives with the increasingly dynamic needs of their stakeholders. To this end, Malta’s banking sector should continue to build around four core and mutually reinforcing pillars which tackle the needs of the banking sector’s ecosystem: 1) A purpose-led banking sector which places the customer at the centre of operations to create long lasting relationships, while also balancing the needs of other stakeholder groups and delivering longterm value to all. 2) A viable banking sector which ensures sustainable profitability through diversified revenue streams, inspires trust amongst customers, delivers value to shareholders and customers, and remains competitive by investing in technologies. 3) A safe and stable banking sector which is robust, secure and transparent from a capitalization perspective, acting in line with the expectations of regulators and in the best interest of customers and shareholders. 4) A progressive banking sector which embraces technology, increasing the value delivered to customers and shareholders through analytics, talent and other forms of innovation. Subscribe for more insights https://lnkd.in/d94JgWBU Source EY #fintech #banking #payments

Today, we are very excited to share that our OFNC Board has sent a letter to the Hon. Chrystia Freeland, the Hon. Peter Bethlenfalvy, and others from the Finance Canada / Finances Canada, on advocating for the effective implementation of Canada’s Consumer-Driven Banking framework. First and foremost, we commend the Finance Canada / Finances Canada for its commitment to advancing Consumer-Driven Banking in Canada, a pivotal step toward enhancing financial inclusivity, increasing competition across the financial ecosystem, and providing Canadian consumers and small businesses with extended choices. Our letter aimed to address some key areas that we consider require further clarification to ensure Consumer-Driven Banking is implemented effectively. Highlights: ✅ Scope of Data Sharing ✅ Timelines ✅ Budget ✅ Opt-in Timelines A special thank you to our board, members and others across the ecosystem for your continued support and commitment to pushing Consumer-Driven Banking forward in Canada 🇨🇦 You can read our full letter to The Department of Finance below. 👇 Eyal Sivan Michelle Beyo Roy Kao Tara Wilson, CDI.D Donna Galloway Bhupinder Singh Daniel Kornitzer Karen Budahazy Abdi H. Cindy Zhang Carlos Beltran FDATA North America, Financial Data Exchange, Open Banking Expo, Fintechs Canada #openbanking #openfinance #Consumerdrivenbanking #CDB #Canada #innovation #opendata #bankinginnovation

As reported by our partners and investor Inter-American Development Bank, 2023 was a record-setting year for remittances to Latam and the Carribean, with roughly USD $155 billion sent to the region. This cross-border money movement flow represents a pivotal source of income & economic development and is a relevant source of deposits for banks and fintechs, but its value chain and delivery method requires digitalization. NovoPayment is here to support originators and payers with best-in-class, compliant vertical SaaS and a wide network of partners and integrations. Download the report from IDB: https://lnkd.in/et8kN7ZB #crossborderpayments #remittances #moneymovement #verticalSaaS #digitalization #digitalpayments #fintech #fintechlatam #bankingasaservice #BaaS

QR code-enabled payments have been embraced in Asian countries. Is Canada poised to follow suit? Payments Canada explores its role in shaping the future of QR code payments in Canada in our latest article. Read our findings: https://bit.ly/3M8YObC #ModernPayments #PaymentsMatter