Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Funding | Sep 29, 2023
Image: Unsplash/Fabian Blank
Darcy Tuer, Co-Founder and CEO of ZayZoon
This financing will fuel our mission in being a true partner in financial health and workplace engagement to small and midsize businesses. Not only does ZayZoon act as a substantial competitive advantage for the business, but it helps the millions of Americans living paycheck to paycheck get by between paydays and plan for the future.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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BoC | Sep 28, 2023
Image: WikiCommons Media/Bank of Canada
The Bank is keen on understanding the current practices of payment service providers (PSPs) and aims to develop an effective strategy for transaction reporting. This initiative is not limited to RPAC members alone; the Bank is actively seeking diverse opinions from the entire PSP industry.
By sharing your feedback, you will help the Bank gain insights into the current practices of PSPs and also contribute to the development of a robust transaction reporting approach.
The Bank has launched a survey to better understand the information needs of PSPs. This will aid PSPs in understanding the Bank's expectations and preparing for upcoming retail payment supervision. The results of this survey will shape the Bank's communication strategy, ensuring PSPs are well-informed and ready to comply with forthcoming legislation. The survey is entirely voluntary, and the Bank guarantees that no personally identifiable information will be collected or shared. You can complete the survey here.
The Bank is gearing up for the enforcement of the registration requirement under the Retail Payment Activities Act, expected in the latter half of 2024. To ensure a smooth and efficient registration process, the Bank is launching a pilot program. They are seeking volunteers, both individuals and entities subject to the Act, to test the registration process. Information about this pilot will be shared by December 2023, with the pilot tentatively set to commence in April 2024. Interested parties can sign up using the online form.
NCFA Canada encourages all its members and stakeholders to actively participate in this feedback process. Your expertise and insights will play a crucial role in shaping the future of transaction reporting in Canada. Let's collaborate and ensure that the industry's voice is heard.
For those wishing to share their feedback directly with the Bank of Canada, you can email your thoughts here by October 16, 2023.
Thank you for your continued commitment to advancing the fintech and alternative finance sectors in Canada.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Report Insights | Sep 26, 2023
Based on the Citi's latest "Global Perspectives & Solutions: Future of Cross-Border Payments" report September 2023, here are 10 of the most insightful thought leadership points, statistics, or facts and figures that would be of interest to fintechs and banks.
The report is the culmination of insights gathered from prominent market infrastructure specialists both inside and outside of Citi, as well as from FinTechs and a broad spectrum of banks spread across four continents. Additionally, it encapsulates the primary discoveries from an exclusive survey conducted among over 100 financial institutions affiliated with Citi.
Image: Citi Cross-Border Payments Sep 2023 Report
The report contains statistics and insights from key stakeholders, and recognizes both the pain points that both banks and fintechs must overcome to compete for market share along with key areas of focus to win including delivering 'best in class' client experiences with unprecedented speed, transparency, and low cost.
The future of cross-border payments is undergoing a tectonic shift as stakeholders jostle for a piece of a projected $250 trillion market by 2027. Download the full 120 page PDF report here.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Support NCFA by Following us on Twitter!Follow @NCFACanada |
Mobile Wallet | Sep 20, 2023
Image: Paze website
The rise of mobile wallets and digital payment solutions by tech companies has been meteoric. Apple Pay, for instance, has seen its user base grow from 60 million to over 500 million in just five years. Such numbers are not just impressive; they're a clarion call for banks to innovate or risk being sidelined.
As banks are increasingly leaning towards partnerships with fintechs, there are rising concerns from regulators. They are wary of the potential risks these collaborations might introduce, especially in terms of customer data and security.
Paze is not just another mobile wallet. It's a strategic initiative by giants such as JPMorgan Chase, Bank of America, and Wells Fargo. Designed to connect directly to the credit and debit card accounts of a whopping 150 million customers, Paze aims to be the go-to mobile wallet for the masses.
The launch of Paze highlights a significant shift in the banking industry's approach. Gone are the days when banks believed they could individually take on Big Tech and emerging fintech startups. The focus now is on partnerships and collaborations.
Operated by Early Warning Services, the same consortium group behind the successful payments app Zelle, Paze is a testament to the collaborative spirit of traditional banks. It signifies a shift in strategy, where banks are pooling resources to defend their turf against the encroaching Big Tech.
Early Warning announced the recruitment of Cameron Fowler, a top executive from the Canadian bank BMO Financial Group, as its next chief executive. Fowler is expected to join the company in October.
While the optimism around Paze is palpable, the road ahead is not without challenges. The consortium will need to navigate these regulatory waters carefully, ensuring that Paze is not just innovative but also secure and compliant.
For Paze to be a game-changer, it needs to offer direct connectivity to customers' bank accounts. This direct connection could give Paze an edge over competitors like Apple Pay, which doesn't hold any funds. However, details about the full functionality of Paze or whether users will be able to access their account information through the app are not yet disclosed.
The mobile wallet space is becoming increasingly competitive, and while Paze is a significant initiative by major banks, it will face competition from several other payment innovations such as:
The fintech landscape is undergoing rapid transformation, with both traditional banks and tech giants vying for dominance. As Paze emerges as a collaborative effort by major banks to reclaim their space, it signifies a broader trend of strategic alliances in the face of Big Tech's encroachment.
However, with continuous innovations, regulatory challenges, and evolving consumer preferences, the future of digital payments remains dynamic and unpredictable. Institutions that prioritize adaptability, user-centricity, and cross-industry collaborations will likely lead the next wave of fintech evolution.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Support NCFA by Following us on Twitter!Follow @NCFACanada |
Payments | Sep 20, 2023
Image: Unsplash/Museums Victoria
The partnership will allow financial institutions to route Swift payment messages directly to the Wise platform via Wise's Correspondent Services Solution. This integration ensures that Swift customers can leverage the benefits of Wise without undergoing major system overhauls.
Wise will utilize Swift's advanced features, including cloud and API connectivity and Payment Pre-validation.
The hallmark features of Swift GPI, such as the payment status tracker, will be updated by the Wise Platform to ensure a comprehensive end-to-end view across both networks.
Steve Naudé, Managing Director of Wise Platform:
We know that banks face a number of challenges when it comes to enhancing their international payments, including that this often requires them to embed technology which is incompatible with legacy infrastructure. By simultaneously leveraging existing payments architecture and optimising payouts using Wise's global network, we are empowering banks to innovate effortlessly. Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build.
Thierry Chilosi, Chief Strategy Officer at Swift, highlighted Swift's role as a trusted global connector. He believes that collaborations like the one with Wise are pivotal in innovating cross-border payments and expanding the options available to customers worldwide. Such cooperative efforts align with the G20 targets for cross-border payments and aim to ensure the seamless, efficient, and secure movement of value in a fragmented global landscape.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Support NCFA by Following us on Twitter!Follow @NCFACanada |