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PayTechs: a benefit to the payments system

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Doug Kreviazuk:

Every day, each of us relies on the National Payment System for conducting our financial affairs. Whether it’s to simply make purchases, pay our bills or to collect our salaries, in many ways, it’s analogous to the body’s circulatory system. It’s a set of complex, vital pathways and processes, but unfortunately, many times we take this vital infrastructure for granted, and we don’t pay attention to its evolution, but not any longer. Hi, I’m Doug Kreviazuk, executive director for Fintechs Canada. We are a not-for-profit association representing a harmonized voice for all the paytech firms across Canada, driving sustainable and positive change for this industry. The fact of the matter is, Canada’s payments are falling behind their international comparators. When you look beyond our borders, what you tend to see are paytech firms, increasingly becoming mainstream players in the payment system, delivering creative and necessary services, not only to businesses, but to consumers in such areas as lending, investing, and the processing and movement of money, both faster and less expensively.

Canada has the opportunity to do to the financial sector what Uber did to the taxi industry. By embracing new players and facilitating a more competitively dynamic environment, we can introduce greater efficiencies, facilitate growth, and reduce costs for everyone concerned, but we can’t do this alone. We need government. We need government to enact the appropriate legislation and regulation to embrace paytech firms as equal partners in the payment system. I encourage you to join us, to bring about positive and sustainable change to this important industry. Go to paytechs.ca. Join and lend your voice to making change in this critical industry. Thank you.

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