Interview with Nick Catino, TransferWise
By: Doug Kreviazuk, Executive Director, Fintechs Canada Forward: In April, 2018, TransferWise became the first payments service provider to become a member of the UK’s Faster Payments Scheme and directly connect to the system. In doing so, the Bank of England granted TransferWise a settlement account in the Bank of England’s Real Time Gross Settlement […]
UK real-time payments: lessons learned for Canada
By: Cynthia Rudge, DGEN In 2008, the UK was one of the first countries to implement real-time payments (Faster Payments Scheme -FPS). The founding members consisted of nine banks and one building society. Some ten years later, there were no new direct participants, although 400 other firms took the opportunity of indirect access to the […]
Payment trends & consumer behaviours during the COVID-19 pandemic
Mark Ripplinger, President and CEO, Everlink Payment Services Consumer payment methods have continued to evolve globally, as emerging new technologies open up a variety of options to consumers. Payment method choices are traditionally determined by consumer habits, demographics, economy, regulatory governance and even culture– all play a role in the selection of methods by consumers. […]
A market influencer: Gary Seveny, Board Chair of Apaylo Finance Inc.
“PayTechs are a catalyst to connect financial institutions with consumers in a more meaningful way” – Gary Seveny Doug Kreviazuk: Hello, and welcome to Fintechs Canada stakeholder insights. I’m Doug Kreviazuk, the executive director for Fintechs Canada. Today, joining me is Gary Seveny. Welcome, Gary. Gary Seveny: Thank you, Doug. Doug Kreviazuk: Gary is the […]
The payment system is letting down small business
Justin Ferrabee is a Board Director at Fintechs Canada, a small business owner, and former COO at Payments Canada. Canadians depend on the products and services supplied by small and medium sized businesses (SMEs) each and every day. Often referred to as the “life blood” of the Canadian economy, SMEs account for 98 percent of […]
An electronic cheque replacement is a simple matter of choice
Doug Kreviazuk, Executive Director, Fintechs Canada, June 25, 2020 A little more than a year ago, the fifth largest bank in New Zealand, Kiwibank (government owned) announced that they would no longer accept cheques nor issue cheque books to their clients, effective February 28, 2020. Given the similarities, is it time for Canada to follow […]
A champion for change: Laurence Cooke, CEO nanopay Corporation
Doug Kreviazuk, Executive Director, Fintechs Canada, June 18, 2020 Earlier this week, I had the opportunity to sit with Laurence Cooke, founder and CEO of nanopay Corporation and Chair for Fintechs Canada, to gain his perspective on the importance of the national payments system, its evolution and contribution to the Canadian economy. When you think about the […]
Retail payments oversight framework: what PayTechs need to know
Doug Kreviazuk, Executive Director, Fintechs Canada, June 11, 2020 In mid 2017, the Department of Finance released “A New Retail Payments Oversight Framework” in response to mounting pressure to modernize retail payments regulations and the rapid emergence of new, unregulated participants in the broader payment’s ecosystem. Driven by a need to better safeguard the payments system […]
Canada’s national payments system: a natural monopoly?
Doug Kreviazuk, Executive Director, Fintechs Canada, June 4, 2020 Across Canada and globally, there are many public utilities servicing a broad range of industries, including electrical generation/distribution, oil and gas pipelines, telecommunications networks, broadcasting networks and transportation infrastructure. What each has in common is that they all exhibit traits of a natural monopoly, requiring significant […]
Shifting consumer spending: a permanent or temporary shift?
Doug Kreviazuk, Executive Director, Fintechs Canada, May 28, 2020 On May 13, 2020, Payments Canada released survey data showing that consumer spending preferences have shifted considerably during this pandemic. Although not validated by the survey, these new spending patterns are very likely due to two key concerns: i) the further spread of the virus; and […]