Payments Canada’s Post

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 

The inclusion of the CP Act in the Fall Economic Statement, #FES2023, is an important step forward for #payments in Canada. This legislative change means that work can begin to broaden membership to Payments Canada's systems in a way that lays the foundation for important benefits for Canadians and Canadian businesses. Read Payments Canada’s response to the 2023 Fall Economic Statement to learn more: https://lnkd.in/eRFK3jaz #PaymentsMatter

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

Excellent summary by Alex Vronces of Fintechs Canada to make the case for getting our act together on our banking and payments services to better serve Canadians and all businesses operating in Canada (Alex says it better). It's a question of enabling Canada's economic prosperity and security. https://lnkd.in/dWnEJF-C #openbanking #innovationinbanking #innovation #fintechs #realtimepayments #realtimeanalytics

Canada benefits from a secure, efficient and innovative payments system built on the foundation of strong financial institutions. That confidence is a key part of a healthy and productive Canadian economy. Learn more: https://ow.ly/7x5K50QeauT #cdnbanking

Number 3 on our list of most-read stories on payments.ca is our annual publication of transaction trends in Canada: Canada reaches $11.7 trillion in payment transactions in 2022 https://bit.ly/4aHGh0B #PaymentTrends

CREDIT CARDS 101: A Must-Read for Canadian Immigrants Understanding how the credit system works is crucial for newcomers in Canada. Financial transactions in Canada are typically carried out using credit and debit cards. However, some immigrants in Canada are not familiar with credit card usage, and hence, they hesitate to use them. Read the full post on Payfi's blog via https://lnkd.in/e-esMfDt

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

Corporate Plan Payments Canada 2019 To 2023 Since 1982, #Payments Canada has been an important part of the financial market infrastructure, playing a leading role in the stability and efficiency of clearing and settlement in Canada through the operations and enhancements of its systems, by-laws, rules, and standards. As part of its mandate, Payments Canada leads Canada’s payments Modernization initiative. The program was launched in 2016 when Payments Canada published a Vision for the Canadian Payment Ecosystem for modernized payments in Canada and a supporting Industry Roadmap and High-Level Plan. These and other elements were formalized within the Modernization Target State document, published in December 2017. https://lnkd.in/dTQxtUSE

"...the Department of Finance Canada / Finances Canada is continuing to work on developing the next steps to moving forward with Open Banking." A glimmer of hope? So much work has been invested by the Department over the past five (5) years by the banks, financial technology companies and payments companies. The fintech and modern payments companies have been on an uneven playing field in terms of engaging in these consultations because their size and scale, and HR capacity (let alone having no government relations expertise relative to the robust GR departments in each of the #BigBanks). Regardless, engage they did. This statement from the Government Representative in the Senate was the first sign of hope that I have seen, but it does make me wonder what "continuing work on developing the next steps" is needed -- especially after the detailed efforts led by Abraham A. Tachjian. My focus is singularly on an announcement to move forward after five years of highly engaging, inclusive, transparent and robust consultations. Please, let's not to continue to plan or consult. #CompetitionMatters #Competition #OpenBanking #Fintechs #CostofLiving #Savings #HomeOwnership #CreditScores