Canada is in the middle of a multi-year initiative to completely modernize its infrastructure of payments clearing and settling, which will result in data-rich, faster and safer payments for all.
This panel will deliver an in-depth discussion around payments modernization, lessons learned from other programs around the world, and insights into benefits and efficiencies from senior payments experts representing Global Systemically Important Banks (GSIBs).
In today’s on-demand world, we expect to be able to spend, move and receive money instantly. For this reason, real-time payments (RTP), also known as ‘faster payments’ or ‘instant payments’, are gaining momentum globally. However, currently, many financial institutions have an infrastructure and a good customer base, but they are typically burdened by legacy systems. Many payments solutions are outdated, and interfaces are not intuitive. What is the best way forward, what is the value proposition and what are the steps required to enable RTP? To be able to achieve RTP, and at the same time support traditional ways of managing payments, domestic and international, it typically requires you to be innovative and transparent, including building ecosystems that are trusted by your customers and business partners. You need a reliable, scalable and secure payments infrastructure, supporting both today’s and tomorrow’s business needs. In this presentation we will share best practices on how to get there through real life examples both from an IT and business perspective, from countries which have implemented RTP, and what should be improved to be able to digitally enable and optimize payment applications.
This session will provide an overview of the high-value payments work going on globally, with a special focus on the migration from legacy formats to ISO 20022. SWIFT will share their plans on the global migration of MT formats to ISO 20022 and we will also hear from the Federal Reserve, Bank of England and Payments Canada on their respective plans and challenges.
This session will answer key questions on how your business can master coexistence between Swift MT and ISO 20022. We understand that every requirement is different and whether your 20022 solution requires XML or JSON the same challenges await and this talk takes you through these challenges and how to implement a solution that is future proof to sustain changes to any standard.
Today even small businesses need to manage many currencies, send and receive payments globally. Do all small businesses need a treasury function?
We are in the midst of a transportation revolution. Billions of dollars are being poured into connected cars, autonomous vehicles and smart cities. With the rapid investment, experts predict more and more connected cars on the road in the coming years, more ride-sharing and fractional ownership and autonomous vehicles on the road in the next decade. As a result, companies need to plan for this change and recognize that the source and flow of payments is being disrupted, as well. We’re moving toward a friction-free, plastic-free future. Card not present is taking on a whole new meaning. In this session, we’ll examine the current landscape, consumer trends and examine what companies need to do to innovate for the future.
While more than six out of ten smart phone owners have made a mobile payment over the past six months, the vast majority of these have been remote payments (bill payments, or transfers, online payments, etc.). In-store mobile payments have struggled to gain traction. This presentation will provide insights into the opportunities and challenges facing mobile payments in Canada and compare it to other jurisdictions. It will also identify the key factors that having been holding mobile payments back.
Historically payments have developed in silos with different standards, infrastructure, geographical boundaries, use cases and end-users. Roles were clearly defined and access was tightly controlled. The move to open and instant payment rails is an opportunity to review the blueprint for payments. Driven by digital interactions in both payments innovation and the wider environment, customer and merchant expectations are growing towards an instant, integrated, multi-channel, yet personalized payments experience. Some payments may be initiated across one channel and completed via another. Others deeply embedded into the transaction context with the inter-bank rails almost invisible. The money movement itself is increasingly a commodity and payment providers are looking for new ways to drive value, increasing customer loyalty and engagement. This session will focus on examining the trends towards payments convergence, identify business models that are emerging, and discuss how to future proof payment infrastructures to embrace new opportunities.
Governments have traditionally been laggards when it comes to bringing new and innovative form of payments to their constituents. Barriers to modernized payments include cost, the need for richer remittance data and disparate departmental accounting systems. This session will discuss recent successful payment disruption & implementation case studies that overcame these barriers including: the Canada Revenue Agency and the City of Ottawa. Topics discussed will include: ISO2022, public/private partnerships, the impact of faster payments for both constituents and government coffers, and better use of government resources.