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 this moderated panel session, recognized payments experts will discuss new ways of looking at payments modernization. This session will give ideas to guide, plan and maximize your investment, while enabling rapid realization of new revenues throughout and beyond the lifespan of today’s change.
In this session, you will hear:
-How focus is shifting globally to the Payment Service User, typically the retail or commercial customer of a Financial Institution, and what Canada’s modernization journey needs to learn from this
-A discussion of the key actions required to prepare your infrastructure for the needs of tomorrow’s payment service users and to deliver services that allow you to compete in tomorrow’s payments market
-Global case study examples and user stories from the world of payments, and how these can be applied to Canada
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.
In a world where emails are free, why should payments cost anything? Once the payments modernization plan is fully executed and allows for increased access, expect new business models and strong competition to emerge. Consumers will be the real winners.
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.