FFCON21 Breaking Barriers May 11-13, 2021

Category Archives: Payments, Transfers, Rewards

Faster payments: a corporate treasury breakthrough

Association of Corporate Treasurers | March 2021

faster payments - Faster payments: a corporate treasury breakthrough

Faster payments initiatives are a key breakthrough for treasurers and financial markets. Tony Carfang asks what comes next and how we measure success

Over the past several decades, payments have become faster, cheaper, more secure and more reliable. Cheques used to take days in the mail and then days to clear once deposited. International funds transfers would pass through several banks, each taking a ‘lifting’ fee as the funds slowly passed from originator to recipient. Fortunately, those days are over.

Transaction settlement times have declined from weeks (the cheque is in the mail) to days to minutes. Only a couple of years ago, same-day settlement was hailed as a breakthrough. Now, the target is 10 seconds or less and many closed networks are achieving that fairly consistently, something that is now being called ‘immediate payments’.

See:  Clubhouse launches payments for creators

Central banks, commercial banks and payment networks are racing to make payments even speedier. This is all very good, since timing delays in payments and their accompanying information create risk and uncertainty as well as wreaking havoc with cash forecasts and liquidity cushions.

In the US, the Federal Reserve launched its Faster Payments Task Force with this statement: “The task force calls upon all stakeholders to seize this historic opportunity to realise the vision for a payment system in the United States that is faster, ubiquitous, broadly inclusive, safe, highly secure and efficient by 2020.”

Around the globe, the UK announced its Faster Payments Service in 2008. In 2017, the European Central Bank (ECB) kicked off its TIPS program (TARGET Instant Payment Settlement) with the goal of instant payments 24/7 within the euro area. The Hong Kong Monetary Authority launched the Faster Payments System initiative in 2018.

Curiously and embarrassingly, however, securities settlement times around the globe remain prehistoric in this faster-immediate payments context. Stocks, bonds and most mutual funds settle in a T+2 framework, two days. That’s business days – so add in two more days for the weekend.

Benefits

The success of faster payments is one of the most important financial market breakthroughs of our time.

See:  Revolut to roll out QR code payments for business customers in 25 countries

No doubt, payments are becoming faster, cheaper, more secure and more universal. The benefits of these initiatives are immense.

  • More efficient use of capital. Float falls from days to seconds, lowering receivables. As settlement speeds up, less working capital is required to support the float. Ultimately, cash is freed up for other corporate purposes or returned to shareholders.
  • Reduced credit risk. The risk of a vendor failing to pay for goods or services increases with elapsed time. By settling a transaction ‘faster’, that risk decreases. Payment problems can be identified and addressed earlier. Collateral can be seized. Shipments can be withheld. Collection treatment can begin. The end benefit is that a higher percentage of top-line sales reaches the bottom line.
  • Fraud reduction. Fraud is better policed and more quickly identified. When transactions are settled in seconds rather than days, fraud is identified in seconds rather than days. This earlier identification will lead to higher recoveries and lower fraud losses.
  • Reduced markets risk. They are rare but when they occur, they hurt. Bank failures, devaluations, currency blocks and other external events happen without warning and often on weekends or at least after the close of business. The faster the payment, the less likelihood of a crippling event happening while the payment is still in process.
  • Robust information. Most of the faster payments networks are keenly aware of the importance of the payment information and building rich payment flows into the process.

A word about crypto payments

No review of the payments landscape would be complete without acknowledging the role of cryptocurrencies, especially Bitcoin, in payments. Indeed, there have been a couple of notable corporations announcing their acceptance of Bitcoin for payments. It’s very early in the game, but with central banks now exploring Central Bank Digital Currencies (CBDCs), expect to see these payments evolve in a material way.

See:  Digital Payments in America – Scaling the Peak

There are two major obstacles at present and we are watching developments closely:

  • Since the transactions are anonymous, we expect to see tight regulations to protect the legitimate payments while thwarting underground payments.
  • From an accounting and taxation standpoint, there are questions around whether cryptocurrencies receive ‘cash and cash equivalent’ treatment and how gains and losses will be treated.

How these two challenges are resolved will determine the ultimate utility of cryptocurrencies as payment vehicles.

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NCFA Jan 2018 resize - Faster payments: a corporate treasury breakthrough 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, 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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CoinPayments Set to Remain Leading Crypto Payment Processor Finds D-Core Survey

Yahoo Finance | Release | April 13, 2021

crypto payment processor research - CoinPayments Set to Remain Leading Crypto Payment Processor Finds D-Core Survey

D-CORE Research (CNW Group/CoinPayments)

LONDON, April 13, 2021 /CNW/ - Emerging technology research company D-Core released its latest analysis reviewing the future of the cryptocurrency landscape, calling for CoinPayments to remain the leading crypto payments processor in 2026.

D-Core's report surveyed 161 experts, asking them: "Which crypto payment processor will definitely be operating in five years time?" Of those surveyed, 37% picked CoinPayments, giving it the top spot. The other crypto payment processors included in the report were Bitpay (29%), BTCpay (19%), SpicePay (13%), CoinGate (1%), among others.

"It is great to be recognized as a top crypto payment processor among experts in the industry," noted Jason Butcher, CEO of CoinPayments. "Since 2013, our aim has always been to fuel crypto adoption and the most effective way to give digital assets their rightful place as mediums of exchange is by enabling businesses and consumers to use them for everyday purchases."

See:  Jason Butcher, CEO Coinpayments speak at the 7th Fintech & Financing conference: FFCON21 Breaking Barriers May 11-13

The report's timely release comes as notable companies like Paypal and Tesla announce that they will be facilitating crypto payments for customers. Crypto adoption is steadily on the rise as more businesses come to understand the benefits that come with accepting crypto payments.

"D-Core's focus is on providing unique information and insights into emerging technology companies and projects in blockchain, decentralized finance, and payments," noted D-Core founder Kevin Mudd. "As more people look for information on crypto and payments, we aim to help to uncover tomorrow's disruptors in the space to help institutional investors, family offices, hedge funds, and main street investors make wiser investment decisions."

About CoinPayments
CoinPayments is the easiest, fastest and most secure way for merchants worldwide to transact in cryptocurrencies. It is the first and largest cryptocurrency payment processor with more than US $10 billion in total transactions to date, while supporting more than 2,000 coins, and is the preferred crypto payment solution for merchants and Ecommerce platform providers worldwide. Founded in 2013, CoinPayments is dedicated to providing clients with fast, secure and user-friendly crypto payment APIs, shopping cart plugins, digital wallets, and a host of other solutions supporting cryptocurrency payment applications. Learn more at: https://www.coinpayments.net/.

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NCFA Jan 2018 resize - CoinPayments Set to Remain Leading Crypto Payment Processor Finds D-Core Survey 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, 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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#FFCON21 Brings Canada’s Tech Hub to the Web for 3 Days of Fintech Insights, Business Building

Investor Wire | Jonathan Keim | April 10, 2021

FFCON21 Image 3 - #FFCON21 Brings Canada’s Tech Hub to the Web for 3 Days of Fintech Insights, Business BuildingFFCON21: Breaking Barriers May 11-13

  • The 2021 Fintech & Financing Conference and Expo (#FFCON21) is scheduled May 11-13
  • Global virtual conference streamed from Toronto, the hub of Canada’s developing fintech ecosystem, but presented online due to pandemic concerns
  • 50-plus speakers with expert insights planned
  • Networking opportunities to connect one-to-one with peers and experts
  • Draft pitching competition to gain attention for business brand (as well as prizes)

The 7th Fintech & Financing Conference and Expo will be held for global participants virtually from May 11-13, 2021.  Originating in Toronto, FFCON21 has grown from a basic collaboration between entrepreneurs and big businesses intent on driving change into a thriving gathering of fintech, blockchain, crypto, digital banking, AI, payments, wealthtech, regtech, alternative finance stakeholders and global participants with a love for Canada’s fintech ecosystem.

In its seventh year, the 2021 gathering (#FFCON21) has been adapted to the health security needs of attendees during the present global pandemic, offering exclusive online access to a three-day collection of educational courses, networking opportunities, pitch competitions, e-booth demos and an auction for charity. 

The conference will take place May 11 to 13, still celebrating its place within Canada’s rising fintech and financial sector even as it extends its reach to a global audience through a virtual platform. Tickets, including early bird rates at present and a special startups-only package, are available at https://ibn.fm/3Ov1h.

Conference organizers anticipate bringing attendees to the table with some 50 speakers ranging from Main Street executives such as the president and CEO of public-private partnership Toronto Finance International to enterprising up-and-comers such as the founder-partner of startup builder Borderless Ventures and its CryptoAssets Institute.

See:  Showcase your products/services: Secure a DEMO Speaker spot at FFCON21: May 11-1

The second annual draft pitching and demo competition follows a sports league model geared toward identifying and featuring emerging and high growth fintech startups and scaleups. The “Breaking Barriers” theme of the conference is particularly appropriate here as draft participants compete for exposure and prizes, including promotion to investors, media, prospective buyers and partners.

The online access format driven by the pandemic proved advantageous last year following a scheduling delay necessary to reimagine the presentation of the spring conference. The digital venue and interactive platform allows for increased participation on a global scale because of the elimination of travel expenses from the plan. Networking and file sharing are able to occur naturally and easily using integrated online text and video chat features.

Additionally, the online platform makes it simple to access all digital content to catch up on anything attendees may have missed at a time when it is more convenient. Networking and e-booth displays present attendees with the potential to make connections with a future business mentor, investor or a prospective employee to help build their companies.

And at the heart of it all is the class schedule with insights from thought leaders on the direction of fintech solutions and emerging fintech trends. Presentations will explore topics that address the latest innovations, emerging industry regulation and the impact of government activity on financial technology markets.

For more information, visit the conference’s web portal at https://fintechandfunding.com.

 


NCFA Jan 2018 resize - #FFCON21 Brings Canada’s Tech Hub to the Web for 3 Days of Fintech Insights, Business Building 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, 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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MazumaGo raises seed capital and is listed as “Emerging Rocket”

MazumaGo | Miri Radar | Apr 1, 2021

ready rocket - MazumaGo raises seed capital and is listed as “Emerging Rocket”

Fintech start-up MazumaGo kicked off 2021 by closing its seed funding round. The Victoria-based company raised over $800,000 led by Angel Investment Fund eFund. The round also included notable investments from Mother Trucker Capital (Hyperwallet) and Ryan Holmes from Hootsuite.

“We initially invested last year and closely worked with the MazumaGo team over the past 12 months and equally important: became active users of the payment platform which really solved a lot of our problems raising capital and distributing gains quickly and efficiently” - Pieter Dorsman, CFO & Director eFund

See:  Fintech Fridays EP46: Making Business Borderless: International Payments and Partnerships

MazumaGo disrupts the Canadian B2B payments sector by giving businesses a simple and secure solution to process payments online without transfer limits. These funds will be used to invest in marketing and sales campaigns and hire additional business development and software staff.

“Over the past year, we added some critical features and improvements to our software that allow us to scale customer acquisition in 2021. This investment helps us drive growth while keeping up a steady level of software development.” - Matthew Smith, Co-Founder & CEO

Emerging Rockets: Companies poised for growth

What’s more, MazumaGo was just named an “Emerging Rocket” on the Ready to Rocket list by Rocket Builders. Ready to Rocket is a unique business recognition list that profiles technology companies with the greatest potential for revenue growth. Each year, based on analysis of trends that will drive growth in the information technology sector, Rocket Builders identifies the top private companies that are best positioned to capitalize on the trends for growth.

The Canadian B2B payments opportunity

MazumaGo is solving a huge pain point for Canadian businesses which are still reliant on manual processes and paper cheques to process high-value payments. While consumers have consistently adopted digital payment methods like Interac eTransfer over the past decade, the business environment is lagging behind drastically.

See:  Digital Payments in America – Scaling the Peak

Indeed, paper cheques remain still the most commonly used payment method for commercial transactions. Transaction limits and percentage charges are barriers of current digital alternatives that hold back businesses from moving away from the cheques.

“Cheque volumes and values continued to decline, while average value of cheques increased; (...) the average value of a corporate cheque increased by about five per cent. Cheques remain an important payment option for large value corporate payments.” - Payments Canada, 2020

Bringing business payments into the 21st century

Smith and Co-Founder Nick Addison (CTO) solved this problem by building a payment processing software that enables businesses to send and receive no-limit payments for a flat fee.  With MazumaGo, they combined the simplicity of an eTransfer with the robustness and security of the banking system.

The company launched in September 2019 under the brand DivDot and rebranded in November 2020 as MazumaGo. Following the tagline, “Make business payments move,”—the company’s vision is to eliminate any reasons why businesses would want to use cheques and to build a simple, secure network for businesses to exchange funds.

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NCFA Jan 2018 resize - MazumaGo raises seed capital and is listed as “Emerging Rocket” 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, 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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Fed Chair Jerome Powell has outdated views on Bitcoin: cryptocurrencies are not just a substitute for gold

Kitco | Christina of CoinPayments | Mar 26, 2021

Bitcoin vs USD coin chart - Fed Chair Jerome Powell has outdated views on Bitcoin: cryptocurrencies are not just a substitute for gold

Federal Reserve Chair Jerome Powell is making waves in the cryptocurrency market after he threw some shade at bitcoin and other digital currencies, calling them simply speculative assets.

"Crypto assets are highly volatile and therefore not useful as a store of value. It is a speculative asset that is essentially a substitute for gold rather than for the dollar," Powell said on Monday in a panel discussion organized by the Bank for International Settlements (BIS).

Bitcoin and other cryptocurrencies can be volatile, but that is just a simple argument used to dismiss them. Unfortunately, Powell's opinions are incredibly outdated views of the cryptocurrency space.

Data compiled by CoinPayments, the world's largest crypto payment processor, shows that a growing tidal wave of merchants and consumers are embracing digital currencies as a form of payment, as an investment, and as a means of exchange. From the first quarter of 2019 to the fourth quarter of 2020, the North American cryptocurrency market saw a 300% increase in transactions as more businesses and merchants embraced digital currencies.

See:  Global cryptocurrency spending grows 300% in two years

The reality is that current government and central bank policies have created a need for new currencies that protect people's wealth and preserve their purchasing power.

Central banks worldwide have embarked on ultra-loose monetary policies that aren't expected to end anytime soon. The reality is that we have no idea how these policies are going to impact the global economy. Still, many experts see the only outcome from all this money printing -- and added debt -- is inflation.

It's not just consumers that are embracing digital currencies as a new global currency. Last month, Tesla shocked the financial world after it announced that it was investing in bitcoin and accepting bitcoin as payment for its vehicles. The company said that it is looking at alternative assets as a hedge against growing currency risks in the marketplace.

"We transact business globally in multiple currencies and have foreign currency risks related to our revenue, costs of revenue, operating expenses and localized subsidiary debt denominated in currencies other than the U.S. dollar," the company said in its filing. "If we do not have fully offsetting revenues in these currencies and if the value of the U.S. dollar depreciates significantly against these currencies, our costs as measured in U.S. dollars as a percent of our revenues will correspondingly increase and our margins will suffer."

If companies are worried about a potentially weaker U.S. dollar, then the threat is genuine. With some companies sitting on trillions of dollars, it is not surprising they are going to start diversifying into cryptocurrencies. Unfortunately, the Federal Reserve will be left trying to catch up to the rest of the market.

See:  Has COVID-19 made cryptocurrency more attractive for digital payment and investment?

It is challenging to dispute Tesla's outlook on the U.S. dollar. In the last 12 months the value of the U.S dollar against a basket of global currencies has lost 8%. During the same time bitcoin, the leading cryptocurrency, has rallied more than 800%

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NCFA Jan 2018 resize - Fed Chair Jerome Powell has outdated views on Bitcoin: cryptocurrencies are not just a substitute for gold 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, 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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Canada’s payment system needs more competition

Financial Post OpEd | Alex Vronces | Mar 25, 2021

banks prohibit fintechs from accessing Canadas payment system - Canada’s payment system needs more competitionInsulating industry incumbents from competition keeps the cost of sending and receiving payments in Canada higher than it needs to be

What started as a vision half a decade ago is almost a reality: the Canadian payment system, which processed $55 trillion in 2019, is on its way to being decommissioned and replaced. But while Canada is closer to getting its long-awaited safer and faster payment system, fintechs are being left out.

Payment system modernization wasn’t just going to be a technology upgrade. It was also supposed to make the financial sector more competitive, putting fintechs that hold and move Canadians’ money on a more level playing-field with Canada’s biggest banks.

For more than 30 years, one of the biggest public policy questions in payments has been, “Who gets access to the payment system?” To this day, the theoretical answer is banks and other financial institutions. In practice, however, it has mostly been Canada’s biggest banks.

The Canadian Payments Act prohibits fintechs from accessing the system themselves, so they access it through banks. The problem with indirect access is obvious. Imagine having no choice but to do business with your competitor in order to compete with them.

See:  Overview of how Canada is modernizing its core payments infrastructure

The Canadian payment system is essential infrastructure. Operated by Payments Canada, it consists of the Large Value Transfer System (LVTS) and the Automated Clearing Settlement System (ACSS). The LVTS processes wire payments, whereas the ACSS processes payroll, bill payments and debit payments at the point of sale, among other payments.

Despite the clunky names and arcane processes, Canada’s payment system essentially works like a spreadsheet. Payment industry insiders occasionally joke that the Canadian payment system is a “glorified calculator.” It’s the most important glorified calculator you’ve likely never heard of. When I pay you, or you pay me, money doesn’t exchange hands right away. It takes time for our banks to move the money from account to account. When funds do appear in either of our accounts in almost real time, our banks have usually just fronted us the money. They use the glorified calculator to keep track of what they owe each other before the money actually moves.

I liken it to the telecommunications industry. As the only ones with direct access to essential infrastructure, a handful of banks are in a privileged market position, just as a handful of telecom giants are. From that privileged position, banks resell their access to fintechs.

But there’s a big difference. In telecommunications, the CRTC works to make sure privileged market positions aren’t being abused. In payments, there’s no such thing.

Since banks resell their access to the payment systems to fintechs, many fintechs are at an unfair disadvantage when it comes to cost and service levels. The high price of indirect access makes it difficult for them to offer their tried-and-true services, let alone experiment with more innovative offerings. That they’re forced to go through banks brings more complexity and slower payments.

That’s if you can find a bank willing to partner with you. Some banks will outright refuse to, depending on your business model. Then you can either become a bank or leave the Canadian market. Becoming a bank under the more than 800-page Bank Act is just not feasible for many fintechs, who often start off doing only a fraction of what a bank does. So exit becomes the only option.

See:  Penrose Report: Power to the People: Stronger Consumer Choice and Competition

Instead of creating a CRTC-equivalent in payments, the federal government was going to make the sector more contestable. First, it was going to pass new legislation to regulate fintechs that hold and move Canadians’ money — not regulate them as much as banks are regulated, but enough to safely give them access to the payment system. Then it was going to give fintechs the right of access by amending the Canadian Payments Act.
These changes were announced in Budget 2019. But it’s 2021 and we’re still waiting.

The obvious danger is that when the new system goes live next year, the result will continue to be a less competitive market. That doesn’t just hurt fintechs. It also hurts consumers and businesses. Insulating industry incumbents from competition keeps the cost of sending and receiving payments in Canada higher than it needs to be.

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NCFA Jan 2018 resize - Canada’s payment system needs more competition 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, 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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Visa is Working to Allow Bitcoin Use at 70 Million Stores

Bitcoin.com | Kevin Helms | Mar 17, 2021

VISA bitcoin gold and payments - Visa is Working to Allow Bitcoin Use at 70 Million Stores

Visa CEO Al Kelly anticipates that cryptocurrency could become “extremely mainstream” within five years.

He is working to position Visa in the middle of it should cryptocurrency take off. He further confirmed that Visa is working to allow bitcoin purchases, in addition to enabling the cryptocurrency to be used at 70 million stores where Visa is accepted.

In the Leadership Next podcast with Alan Murray and Ellen McGirt published Tuesday, Visa CEO Al Kelly talked about bitcoin and his company’s cryptocurrency strategy. Given the recent rise in the price of bitcoin, he was asked what it means for his credit card business.

See:  Cryptocurrencies Aren’t An Alternative. They’re Here to Stay.

“I would like to divide crypto into two buckets,” Kelly began.  “One is the more speculative asset” or “digital gold,” he explained, adding that he put bitcoin in this category. The CEO elaborated:

In that category, we are trying to do two things. One is enable the purchase of bitcoin on Visa credentials.  Visa is [also] “working with some bitcoin wallets to allow bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted,” Kelly added.

“The other category of crypto is digital currencies. There, we see a strong potential for those to become a new payment vehicle. In fact, it could be an accelerant in some of the emerging markets as we look around the world."

He proceeded to reveal that Visa is “working with lots of players” in this category. “There are about 35 different players we are working with,” he specified, clarifying that “These are currencies that are fiat-backed [stablecoins].”

See:  Global cryptocurrency spending grows 300% in two years

His statement echoes what Visa explained in its Q1 2021 earnings call. “Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credentials to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” the company informed its shareholders.

“The thing about our business that I actually like is that we don’t pick winners and losers,” he described. “As you and I sit here and talk today, I don’t know to what degree cryptocurrencies are going to take off. Are we going to say in five years that it was a fad and it was not a big deal? Or is it going to be extremely mainstream? I’m not smart enough to know but what I am smart enough to do is make sure that our company is in the middle of it today so that if it takes off, we are in the middle of helping move that money.”

Continue to the full article --> here


NCFA Jan 2018 resize - Visa is Working to Allow Bitcoin Use at 70 Million Stores 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, 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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Recent Appointments

7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
David Durand, Advisor, Innovation and Advocacy

David Durand, Advisor, Innovation and Advocacy

David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec)[...]
Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo is Founder & CEO of Finavator INC, Money2020 RiseUp Alumni, Women in Payments Glob[...]
Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore.  Paul's roles[...]
Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton is CEO & Founder of FGS (FinTech Growth Syndicate) – Canada’s leading FinTech innova[...]
Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik is the Principle of Complifact AML Inc., and currently spends her time assisting th[...]
Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA Lansdowne Chair in Finance Gustavson School of Business, University of Vi[...]
Alan Wunsche, Advisor, Blockchain

Alan Wunsche, Advisor, Blockchain

Alan Wunsche, MBA, CPA, CA, CBP – Founder, TokenFunder and Co-founder/Chair, Blockchain Canada Al[...]
David Lucatch, Advisor

David Lucatch, Advisor

David Lucatch Chair, KABN David has spent more almost 35 years in the international marketing ar[...]
Sherwood Neiss, Advisor, Global Crowdfunding Markets

Sherwood Neiss, Advisor, Global Crowdfunding Markets

Mr. Sherwood Neiss co-authored the “Crowdfunding Exemption Framework” which became the basis of Titl[...]