Reinventing payments: Perspectives from global banks on modernization in Canada

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).

The real rush for real-time payments in the digital economy

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 Many payments solutions are outdated, and interfaces are not intuitive.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.

High-value payments

This session will highlight the high-value payments work going on globally, as well as here in Canada and in the U.S. Hear Payments Canada and the Federal Reserve System discuss our alignment from an ISO 20022 perspective, and review the state of play and timelines for adoption of ISO 20022 here in North America.

Transportation in a friction-free, plastic-free world

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.

The future of mobile payments in Canada

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.

Payments convergence: Myth or reality?

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.

Modernizing government payments: Bringing digital payments to Canada

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.

Thank you to our 2019 sponsors

Lead + Breakout
American Express
Digital Check
Motion Pay
Trace Financial
Research Partners
Industry Partners
Bennett Jones
Sunlife Financial
Media Partners
ACT Canada
Aite Group
The Canadian Institute
Canadian Prepaid Providers Organization
Digital Transactions
Find Biometrics
Fintech Future
The Nilson Report
Payment Journal
RFi Media
The Paypers
Academic Partners
Smith School of Business
Startup Supporter
Fintech Growth Syndicate
The Payments Canada Summit

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