The nature of work and employment is fundamentally changing. With the rise of on-demand workers, flexible schedules and short-term gigs, participants in the payments network are demanding their funds more quickly. Learn how several industries are facing this challenge and see which ones won’t survive.
This session will evaluate the need for faster/improved payments in Canada, including:
– Speeding up availability/certainty of payments, processing of payments, and settlement
– Working towards ubiquity
– Competing on a global level
– Discussing industry initiatives related to faster payments
– Understanding legal frameworks for payment systems
– Impact of risk management, compliance, and regulatory issues for operators and participants
– Faster/improved payment products from the customer/end user perspective (consumer and corporate)
Real-time payments is now a reality with more than 30 schemes live around the world. However, not every scheme has been successful. A mixed response to real-time payments has led to countless opportunities for customers and businesses in some countries, whereas in other countries, consumers have not fully embraced real-time payments. In addition, as the need for cleared payments in real-time increases, so do the opportunities for fraud to occur. As real-time approaches Canada, ensuring the success of the country’s new real-time rails is essential to ensure such opportunities aren’t passed by. This session will explore the reasons behind the mixed responses to real-time payments around the world as well as potential products and revenue opportunities. In addition, it will cover key environmental changes that banks need to make to ensure they are successful, such as speed of processing, strong resilience, and required back-office functions including exceptions handling and fraud protection.
This session will highlight the work of the Real Time Payments Group (RTPG) under the ISO 20022 umbrella. This group created and published the global RTPG market practices and continues to evolve the practices to meet the needs of the growing number of real-time systems that are adopting ISO 20022. Discussion will include how the market practice group operates and the presenters will share some practical implementation stories.