Payments Canada’s Post

🍁🇨🇦 In yesterday's Fall Economic Statement (FES), Finance Canada / Finances Canada confirmed its intention to amend the Canadian Payments Act to expand membership eligibility in Payments Canada to payment service providers supervised by the Bank of Canada, credit union locals that are members of a credit union central, and operators of designated clearing houses. This #modernization will allow for lower transaction costs and faster, more secure payments for Canadians 🚀 In addition, the Retail Payment Activities Regulations have officially been published today. A culmination of incredible and hard work from my colleagues at Finance and the RPS team at the Bank 👏🏽👏🏽 Link to FES: https://lnkd.in/gxguPCtn Link to Gazette: https://lnkd.in/gjXWZqhZ . . . . #RPAA #retail #payments #supervision #regulations #financial #technology #fintech #cdnpoli #cdnecon #payment #service #providers #PSPs

𝐂𝐚𝐧𝐚𝐝𝐢𝐚𝐧𝐬 𝐎𝐯𝐞𝐫𝐩𝐚𝐲𝐢𝐧𝐠 𝐁𝐢𝐥𝐥𝐢𝐨𝐧𝐬 𝐢𝐧 𝐁𝐚𝐧𝐤 𝐅𝐞𝐞𝐬 A report from North Economics reveals Canadians are paying billions annually in excessive bank fees compared to the U.K. and Australia. Analysis of the Big Five—RBC, TD, BMO, CIBC, and Scotiabank—shows $7.73 billion in "excess" income or about $250 per Canadian. High fees for accounts, overdrafts, and ATM usage outpace international peers. Finance Minister Chrystia Freeland is urged to enhance low-cost banking options and reduce fees, highlighting the need for competitive banking practices in Canada. #finance #news #BankFees #Canada #FinancialReform Source: https://lnkd.in/gDcUdb7S

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

** 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

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"

Slightly buried in today's Canadian Government's "Fall Economic Statement"... "...The federal government is committed to promoting the safety and integrity of Canada's financial system. On November 22, 2023, the government will be releasing final regulations under the Retail Payment Activities Act ("RPAA"), which will make payments services safer and more secure for Canadians and businesses." The RPAA wheels will finally, after an overly long gestation period, be set in motion. For those that haven't been paying attention, RPAA is essentially a repurposed version of the UK/EU's original Payment Services Directive (PSD1), and definitely not up to par with PSD2 or PSD3. Payment Service Providers (e.g. non bank payment platforms that are in the flow of funds) will need to be prepared to apply for licensing with the Bank of Canada (projected late 2024) or amend their business models. Similar to how we've advised would-be Payments Institutions (and E-money Institutions) in the UK and EU, we expect to engage/advise PSP's to support this "licensing surge". Will the Bank of Canada actually be staffed/prepared to review the flood of applications? #Canada #payments #fintech #regulation #licensing #RPAA #PSP #payfac #acquiring #bankofcanada

How close is Canada to becoming a cashless society? While Canada may not be giving up on cash completely, it is clear that credit cards and debit cards are much preferred methods of payment. When it comes to using debit cards, Canadians certainly know a thing or two. Read all about it in the latest Unity Payments blog! https://lnkd.in/evGCKa5K #Canada #cashless #cashlesssociety #cashlesspayments #debitcards #Canadians #payments #paymentsolutions #paymentprocessing #cash #blog

Interesting! FCAC taking responsibility of overseeing, administering, and enforcing Canada’s Consumer-Driven Banking Framework, following the recent passage of Bill C-69, the Budget Implementation Act, 2024. In 2023, with OSFI enforcing Banks to introduce off-ramp solutions for vulnerable cohort, strengthening Banks account management processes and increasing capital requirements for negative AM portfolio, FCAC came up with their own guidelines for Banks on treating customers in exceptional circumstances (CEC) in high interest rate and inflation environment. These guidelines based on compassionate, fairness, appropriateness, and transparency. Hence, if you are or your loved ones are struggling to keep your mortgage payments up to date there is HELP! ….Talk to your lender! Said that it is yet to see how effective these guidelines would be… #FCAC #riskmanagement #banking

Africa's remittance market projected to reach $500 billion by 2035 - https://lnkd.in/gDrP2t2c - Remittances are pivotal in many African economies, significantly boosting their Gross Domestic Product (GDP). In 2022, remittances comprised 7.6 percent of GDP in Western Africa, 6.8 percent in Eastern Africa, 4.4 percent in Northern Africa, 3.7 percent in Southern Africa, and 1.4 percent in Central Africa. The total remittance value in

This type of amnesty encourages an estimated 10% of USD in circulation worldwide in Argentina stored outside of banks in mostly $100 USD bills to capitalize the banks of Argentina's private sector. Such an influx of amnestied funds meant to stay in banks thru 2026 to avoid penalty will immediately add enormous capital to banks so they may lend and even create a normal USD-denominated mortgage lending practice in Argentina > current 1% rate of issuing new mortgages to buy housing in Argentina. This no doubt is what Algodon Wine Estates and other residential developments in Argentina's amazing RE market are going to benefit greatly off as Westerners especially would be more inclined to buy Argentina's promising RE and build homes/buy current new constructed homes in hot spots from BA and Mendoza and beyond as the practice of mortgage lending rides higher than its current 1% rate, currently having a bottleneck where most of the expats purchasing housing are forced to enter the country with bags full of $100 USD bills to pay in full for their housing. This secure practice of capitalizing banks is a Milei measure to not only achieve dollarization but to expand the expat community comfort in owning luxury homes in Argentina using low-rate and expanded mortgage origination from Argentina's private sector banks. 10% of capital moving from off-the-grid into Argentina's private sector banks will have that enormous transformational effect in what will seem like an overnight shift for those looking to get into having an expat presence in the country for the first time ever. This is remarkable and I was expecting this type of measure but Milei's admin does it again even bigger and better by incentivizing the populations confidence in the banking sector with incentive to not be penalized for holding 10% of USD in circulation (this includes the US domestic amount of dollars!) outside of banks. #VLLC #GoVINO $VINO