FFCON21 Breaking Barriers May 11-13, 2021

Category Archives: Cyber Security, Hack and Fraud Alerts

After you die what happens to your digital assets and NFTs?

TechCrunch | Erin Bury | Apr 5, 2021

Digital assets and wills - After you die what happens to your digital assets and NFTs?

As consumers build their wealth, assets are typically tangible: cash, investments, property, cars, jewelry, art. But increasingly we’re adding a new type of asset to the mix: digital assets, whether in the form of cryptocurrency or a new asset class, NFTs.

We’re going through the biggest wealth transfer in history right now, with an estimated $16 trillion expected to change hands in the coming decades. While it’s easy to hand over the reins of a physical asset in the event of an emergency or death, it’s not as simple with digital assets.

See:  3 Ways Digital Assets Will Reshape The World

When someone dies, they either have a will that dictates how their assets will be distributed, or, if they die without a will, a government formula outlines how their assets will be divided. While a will outlines who should receive what, it typically doesn’t have an up-to-date asset list, nor does it contain passwords or access keys. There’s an estimated tens of billions in unclaimed assets sitting in banks today as a result of a family or executor not knowing about those accounts following an individual’s death.

But an executor can do due diligence by calling financial institutions to double-check whether the person held accounts and get access to those funds, which typically requires providing copies of the will and/or death certificate. With digital assets, it’s not as simple as calling the bank and finding out a relative had a valuable NFT. There’s no directory or central body that governs NFTs or cryptocurrency — it’s purposely decentralized, which is great for privacy but less than ideal for family members who want to figure out if someone held valuable digital assets.

And it’s not just about knowing digital assets exist — it’s about knowing how to access them. A recent study from the Angus Reid Forum, commissioned by Willful, showed that consumers under 35 are way less likely to have shared account access with loved ones (19% of those under 35 have shared account info, compared with 32% of those over 55). This makes sense, since the younger you are, the less likely you are to think about passing on assets after you die. But this tech-savvy younger demographic may leave their families in the lurch if something happens.

So what can consumers do to ensure their digital assets are protected? First, consider using a password manager like 1Password — which can store all of your account information, logins, private keys to digital assets and any other key information — and share the master access password with your executor or store it with your will.

See:  LabCFTC Releases Primer on Digital Assets

Second, consider using a digital wallet or exchange to store your digital assets — if your family has access to that, it may also include access to your private keys, depending on the wallet’s features, or the exchange itself may have a death-management process.

Third, create an up-to-date list of your assets that your executor and/or key family members have access to — this should include physical and digital assets, and should be reviewed and updated either annually or when you acquire a new asset or change financial institutions. Finally, create a will that clearly outlines how you want your assets to be distributed and provide specific instructions on how you want digital assets to be distributed.

Continue to the full article --> here

 


NCFA Jan 2018 resize - After you die what happens to your digital assets and NFTs? 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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6 lessons on online privacy and digital authentication

Sifted | Tom Ritchie | Mar 23, 2021

online privacy and digital authentication - 6 lessons on online privacy and digital authentication

Digital fraud, from phishing to synthetic identity fraud, is increasing in frequency and sophistication. It’s more crucial than ever for startups to protect themselves using biometric identification, which uses AI and machine learning to analyse images — but just how good is verification tech, and where is it headed?

We asked this and more to our panel of privacy and security experts for the latest Sifted Talks, including: Stephen Ritter, CTO of digital identity verification and mobile deposit solutions business Mitek; Seun Oshinusi, head of financial crime prevention at Curve, a digital card and wallet app; and Dr Kate Coleman, CEO of iKey, a software provider that takes exploratory images of retinas for identification and health purposes.

1. Digital verification is in a constant state of innovation

As new technologies are introduced and adopted, bad actors are quickly adapting their strategies to defraud or extort businesses and their customers. Startups need to constantly iterate for the latest security technology — like near-field communication (NFC) chips, that hold our biometric data in our smartphones — to keep their customers’ data safe.

“As the technology advances, so too do the fraudsters. As we get smarter, so do they. They’re constantly looking at how to intercept the systems that we have… We try to stay in front of them.” — Seun Oshinusi, Curve 

See:  How Verifiable Digital Identity Will Protect Your Post-Pandemic Privacy

2. Startups need to choose a biometric that’s right for their product

The key to successfully implementing authentication is ensuring that it marries well with your product and userbase’s needs. Ritter suggests using a range of different biometric authentication points — like facial, iris or voice recognition — that mirror your onboarding process, to reduce UX friction and keep your customer in the process.

“It’s important to pick the right biometric at that moment in time, otherwise there’s too much friction and it’s not going to feel natural.” — Stephen Ritter, Mitek

3. Current tech is capable of even greater security

Our panellists all agreed that the infrastructure required for greater biometric identification is already largely in place. For example, Dr Coleman suggests retina authentication is already possible with current smartphone tech. While there is little demand for this tech at the moment, the constant threat of cyberattack and the spread of mimicking software such as deep fakes will create a need for more sophisticated authentication in the next few years.

See: Matt Warman’s speech on digital identity at Identity Week 2020

“The average phone is 125 times more powerful than the rocket we sent to the moon. The technology is there, it’s just that people haven’t asked for it yet.” — Dr Kate Coleman, iKey

Continue to the full article --> here

 


NCFA Jan 2018 resize - 6 lessons on online privacy and digital authentication 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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NCFA Announces 7th Annual FFCON21 Digital ‘Breaking Barriers’ FinTech Conference

NCFA Canada | FFCON21 Team | March 11, 2021

FFCON21 vert 2 col med - NCFA Announces 7th Annual FFCON21 Digital ‘Breaking Barriers’ FinTech Conference

FFCON21 to connect HR talent and explore accelerated Fintech trends and innovations paving the way to mass adoption and scale

TORONTO — March 11, 2021 — The National Crowdfunding & Fintech Association (NCFA), organisers of Canada’ foremost Fintech conference, is pleased to announce the return of FFCON for its 7th consecutive year. The annual FFCON Digital Event, held in association with Toronto Finance International (TFI), will take place May 11-13, 2021.

Building on the success of previous conferences, this year’s event -- titled ‘Breaking Barriers’ -- will bring together an international community of leading voices in fintech, digital banking, tokenization, blockchain, CBDCs, digital identity, AI, capital markets innovation, EDI (equality, diversity and inclusion) and sustainable, open, and alternative finance.

“Fintech is evolving quickly and breaking barriers,” said Craig Asano, Founder and CEO of the National Crowdfunding & Fintech Association of Canada. “Fintech is no longer niche -- it is a permanent technological evolution that is changing the world of finance by high growth fintech companies and incumbent financial institutions. It’s rewiring financial services for the new economy and setting new standards that also demand new regulations. Most importantly, it’s about improving access and delivering better financial products, services and outcomes for everyone especially consumers and small to midsize enterprises (SMEs).”

The theme of FFCON21 reflects the growth and challenges that the Canadian Fintech industry has had to navigate through to foster scalability and mainstream adoption, made all the more complicated through the disruption caused by Covid-19.

“Our Fintech ecosystem has become a great strength in the greater Canadian innovation landscape. COVID-19 has accelerated the pace of change in the industry and highlighted the important role digital innovation plays in the competitiveness of the financial services sector. Rapidly changing consumer habits and ways of delivering products and services offers a significant opportunity for Canadian Fintechs" Jennifer Reynolds, President & CEO, Toronto Finance International

Beyond covering important fintech topics, FFCON21 will offer an engaging and fast-paced interactive agenda, including investor speed dating, sports-inspired Fintech Draft pitching and demo competitions designed to identity and feature emerging fintech stars, debates, round table discussions, digital ebooths and virtual expo, 1-on-1 networking opportunities and unique experiences.  Delegates and partners can build their knowledge base, launch or scale an idea or collaborate digitally with visionary entrepreneurs and investors.

New to FFON21 this year, organizers are adding an HR fintech talent marketplace to connect anyone seeking new opportunities with high growth companies, and a ‘deep dive’ masterclass series on the topic of decentralized finance as part of its quarterly Global Fintech Now program for VIP passholders.

The multi-day event will run from May 11-13 inclusive with daily content to span feature themes of Digital Innovation and Breaking Barriers, Creation & Growth and Global Future Forward. Updates to the evolving programme and speaker lineup can be found on the FFCON21 website.

Registration Now Open

Registration for FFCON21 Breaking Barriers is now open with special early bird rates for delegates, exhibitors and startup packages available for a limited time. Tickets can be purchased at https://fintechandfunding.com/tickets/.

Useful Links

Speaker Application

Fintech Draft Pitching & Demo Application

Website | Experience | Partner Packages

Registration | Media Pass

 

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About the NCFA

The National Crowdfunding & Fintech Association (NCFA) 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 and cryptocurrency, Regtech, and Insurtech sectors. To learn more about NCFA visit www.ncfacanada.org

 

About Toronto Finance International

Toronto Finance International (TFI) is a public-private partnership between Canada’s three levels of government, the financial services sector and academia. TFI’s mission is to lead collective action that drives the competitiveness and growth of Toronto’s financial sector and establishes its prominence as a leading international financial centre. For more information, please visit: www.tfi.ca

 

About FFCON

FFCON21 (Fintech and Financing Conference) is an annual conference hosted by Canada’s National Crowdfunding and Fintech Association (NCFA). Now in its seventh year, FFCON21, held in association with Toronto Finance International, will bring together professionals and innovators in fintech, open banking, digital identity, blockchain, cryptocurrency, AI, capital markets innovation, sustainable and alternative finance.

Further information about the conference can be found at www.fintechandfunding.com

FFCON21 Contacts

Craig Asano
Founder and CEO, NCFA
casano@ncfacanada.org
(416) 618-0254

Partnership Inquiries
Lauren Linton
Advisor, NCFA
lauren@ncfacanada.org
(416) 569-4349

Media Contact
The Top Floor Public Relations
Michele McDermott-Fox
michele@thetopflooragency.com
(905) 379-1893

David Lewis
david@thetopflooragency.com
(905) 541-5699

Edelman Canadian Trust Report: Trust declines in all sectors including 8% in technology

Edelman | Feb 17, 2021

Trust declines across all sectors - Edelman Canadian Trust Report:  Trust declines in all sectors including 8% in technology

Canada is facing a crisis in leadership

This year, after months of unprecedented disaster and turbulence – including the COVID-19 pandemic, economic crisis, the global outcry over systemic racism and political instability – the findings reveal widespread misinformation and mistrust of societal leaders in Canada.

See: Future Market Dynamics Part 3 – data sharing, trust and a world of choice

In fact, 50% of respondents worry that business leaders are purposely trying to mislead them, and 46% believe the same about government leaders – this is a wake-up call for leaders, who need to take action to build trust amongst their stakeholders, or risk falling behind.

Spring trust bubble bursts with no institution remaining in the trusted category

In the Spring, business, government and NGOs all saw a spike in trust, moving them into the trusted category among the Canadian general population. Since then, the trust bubble has burst, with all institutions giving back most (if not all) of the gains they saw and returning to the neutral zone. Government saw the biggest increase in the Spring with a 20-point increase; however, despite declining 11 points in the past six months, government remains the most trusted institution in Canada.

Societal leaders are not trusted to do what is right

Amid urgent problems and a year of crisis, leadership is failing. Government leaders, CEOs and religious leaders are not trusted to do what is right. Instead, we’re seeing Canadians look to experts and those that are local – like people in their community – to help tackle the issues that matter most to them. In fact, 50% of respondents worry that business leaders are purposely trying to mislead them, and 46% believe the same about government leaders – this is a wake-up call for leaders, who need to take action to build trust amongst their stakeholders.

Trust in most information sources at record lows

Not one information source – traditional media (55%), search engines (47%), owned (32%) or social media (22%) – is trusted in Canada and the latter three are distrusted. All four information sources have witnessed a decline in trust compared to last year.

 

Download the 37 page PDF report --> here


NCFA Jan 2018 resize - Edelman Canadian Trust Report:  Trust declines in all sectors including 8% in technology 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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Bitfinex and Tether Fined $18.5M and Banned from Operating in New York

Bitcoin.com | Jeffrey Gogo | Feb 23, 2021

tether - Bitfinex and Tether Fined $18.5M and Banned from Operating in New YorkBitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General’s (NYAG’s) office over a case dating back to 2019.

In a statement on Tuesday, NY Attorney General Letitia James accused the two entities of hiding severe losses from investors. “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said James.

See:  Are Stablecoins Better Than Bitcoin?

She continued: “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”

Per the statement, an NY Attorney General’s investigation found that the companies made false statements about the backing of tether, with Bitfinex using Tether’s funds to clandestinely cover an $850 million financial hole at its bank Crypto Capital in Panama.

Tether published a statement on Tuesday “admitting to no wrongdoing.” It argued:

The Attorney General’s Office concluded, in essence, that we could have done better in publicly disclosing these events. Contrary to online speculation, after two and half years there was no finding that Tether ever issued tethers without backing, or to manipulate crypto prices.

According to the investigation, from 2017, Tether had no access to the banking system and did not have reserves to back the tether (USDT) in circulation at the time. Bitfinex stresses that it did not lose any money, claiming Crypto Capital’s funds were confiscated by governments in Portugal, Poland and the U.S.

Read:  Price Discovery in Digital Currencies is Maturing

Bitfinex and Tether have now been barred from having any trading activity with the citizens of New York, as a result. The NYAG requested that the two companies submit regular reports on core business functions. Tether must also offer public disclosures, by category, of the assets backing tether, including disclosure of any loans or receivables to or from affiliated entities.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Bitfinex and Tether Fined $18.5M and Banned from Operating in New York 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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FCA and City of London’s Digital Sandbox Pilot – Presentations and Use Cases

Digital Sandbox Pilot UK | Feb 20, 2021

digital sandbox initiative FCA and City of London 1 - FCA and City of London's Digital Sandbox Pilot - Presentations and Use Cases

The pilot ran from November 2020 through to February 2021. An evaluation process is currently being undertaken by an independent consultant. The pilot will be assessed against the 5 success criteria:

  • Innovation – role played in encouraging innovation in financial services to the Covid-related challenges detailed in the use cases
  • Speed – role played in enabling quicker testing and development of proof of concepts
  • Collaboration – role played in fostering collaboration, facilitating diversity of thinking and creating an ecosystem of key organisations
  • Pilot features – the effectiveness of the key features of the pilot (see below) in stimulating and accelerating innovation
  • Sustainable future – role played in informing and assisting the design and future operating model of a permanent digital sandbox

See:  UK Digital sandbox – coronavirus (Covid-19) pilot

Select Teams and Descriptions

Fraud & scams

Sedicii: An AML solution that allows financial institutions to securely share knowledge about clients or transactions without disclosing any underlying data or information.

EalaX Ltd: A solution that creates digital synthetic twins of real financial data which can then be used to detect fraudulent patterns and complex problems that are being experienced during Covid-19.

MPC4AML: A solution that uses a Privacy Enhancing Technology (PET) known as Secure Multi-Party Computation (MPC) to run risk scores on a transaction network data from multiple banks.

Norbloc: A solution that uses blockchain to allow for a secure and GDPR-compliant sharing of verified KYC files across multiple institutions in real-time to create a single profile per customer.

IT2 Fraud Signals - Trust Stamp, Cifas, Lloyds & OneBanks: A solution that uses biometric data to create an identity token that can be used to match, de-duplicate and verify across institutions while protecting the users personal identity information.

See:  UK: Open Finance: The FCA Consults On How To Transform The Financial Services Market

Vulnerability

PrinSIX Technologies: PrinSIX is focusing on detecting vulnerability within credit applications, testing and deploying dynamic onboarding journeys that identify applicant vulnerability flags and trigger highly personalised digital assessments to improve customer outcomes.

Qpal: A digital assistant focused on financial wellbeing, powered by Open Banking, that automates financial decision for consumers.

Applied Blockchain:  A solution to allow a range of lenders to assess the credit risk of a borrower without requiring direct access to private and sensitive financial data by using privacy-preserving technologies.

DirectID:  A solution that uses transactional data to predict the probability of default based on an individual’s historical and predicted cash flow.

See:  FCA Report (Feb 2020): Sector Views – Key Areas of Harm Identified

SME Lending

Fluence:  A solution that uses natural language processing AI to interpret and analyse financial applications and claims handling processes in order to automatically interpret new applications and claims.

Company Watch Ltd:  A solution to enable finance funding providers to predict, analyse and risk assess the ability of a small business to repay credit within certain time periods.

Fractal Labs:  A solution that uses Open Banking to create a cashflow forecast in order to help  assess the eligibility of SME’s for small working capital loans.

Untangled Finance:  A solution using tokenised assets on a blockchain to enable simple, cost-effective and transparent ways to securitise SME loans and invoices.

Continue to the full list and to watch presentations --> here

 


NCFA Jan 2018 resize - FCA and City of London's Digital Sandbox Pilot - Presentations and Use Cases 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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Overview of how Canada is modernizing its core payments infrastructure

Asset Servicing Times | Feb 3, 2021

Canadas payment system modernization - Overview of how Canada is modernizing its core payments infrastructure

With an evolving payments landscape, Canada is marching ahead to modernise its core payments infrastructure with a vision to build a modern payments system that is fast, flexible, secure and promotes innovation

Developments in technology, evolving customer behaviour and new market dynamics are all catalysts for change in the payments space.  Recent research has suggested that banks are committed to investing in areas such as digitising customer journeys, introducing machine learning, and improving technological and operational resilience, and this hasn’t been swayed by the pandemic.

See:  Bank of Canada Speech: Money and Payments in the Digital Age

Real-time payments are becoming increasingly popular as they allow participants to make and receive instant payments, providing convenience, speed, and faster availability of funds.  Payments Canada recently selected Mastercard’s Vocalink as the clearing and settlement solution provider for the country’s new real-time payments system, the Real-Time Rail (RTR).


“Ultimately, Canadians are seeking choice and convenience. Technology, payments innovation, and shifts in the ways that Canadians make payments are all contributing to our developing payments landscape,” says Ryan Grundy, lead, industry relations, Payments Canada.

Experts say Canada continues to hold a strong position among institutional investors on the world stage, in keeping with the strength of its financial markets and ‘big six’ banks — the National Bank of Canada, Royal Bank, the Bank of Montreal, Canadian Imperial Bank of Commerce, Scotiabank, and Toronto Dominion Bank.

See:  Bank of Canada partners with the Bank for International Settlements to launch innovation centre

Canada’s financial sector features robust and mature markets, stability and transparency, proven infrastructure, efficient settlement mechanisms and a well evolved regulatory framework – along with a focus on controlled innovation.  In line with the consolidated nature of Canada’s financial sector, the payments landscape also focuses on the major bank-driven players.

“In Canada, we see a synthesis of domestic innovation combined with global connectivity, with local players deploying Canadian solutions where they make sense according to Canada’s financial markets and infrastructure, while also driving connectivity or access to global platforms where either scale and accessibility make them the right direction — or, particularly in the retail space, where client demands and appetite for global solutions fits,” explains Lloyd Sebastian, vice president, global financial institutions, at CIBC Mellon.

For example, Interac is a payment network jointly owned by the consortium of banks, which links the banks along with other financial institutions, retailers and others to enable more seamless electronic financial transactions.  With Canadian consumers concentrated on a small group of big six players who offer integrated Interac services, that is likely to continue to shape consumer use.

Marching ahead

In line with efficiency and convenience priorities in Canada, Payments Canada is marching ahead with its journey to modernise the country’s core payments infrastructure.  “Its vision is to build a modern payments system that is fast, flexible, secure and promotes innovation,” says Sebastian.

See:  How will Canada reinvent its payments framework for a post-pandemic digital reality?

As part of these developments, Payments Canada has selected Mastercard’s Vocalink as the clearing and settlement solution provider for the country’s new real-time payments system, the RTR. Expected to launch in 2022, RTR will support payment information travelling with payments and act as a platform for innovation, enabling the introduction of new payment products and experiences.

While RTR is operated by Payments Canada, it is underpinned by the ISO 20022 data standard, and regulated by the Bank of Canada. Canada’s new real-time payments system will consist of two components including a clearing and settlement component provided by Mastercard; and an exchange component.

As well as the upcoming launch of the RTR system in 2021, Lynx, a new high-value payments system to replace the Large Value Transfer System is set to launch this year.

“Introducing Lynx is a fundamental part of Payments Canada’s modernisation program that will transform the country’s payments ecosystem. Lynx will replace Canada’s current Large Value Payments System. The Lynx system will be a world-class, high-value payments system built in compliance with Canadian and international risk standards and will support the global ISO 20022 messaging standard,” says Payments Canada’s Grundy.

Lack of data and transparency within payment messages is a major challenge in Canada’s payment space and this creates a number of inefficiencies for businesses of all sizes.  This includes labour-intensive payments reconciliation, limited predictability of cash inflows and outflows, difficulty tracking cross-border payments, and continued reliance on manual back-end processes.

See:  Right to anonymous payments

As Lynx and RTR will be underpinned by the ISO 20022 messaging standard, they should be able to support businesses in overcoming these challenges.

“The standard enables the transfer of rich data with payments, a change that has the potential to improve automation and efficiency, reducing many pain points for Canadian businesses,” explains Grundy.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Overview of how Canada is modernizing its core payments infrastructure 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[...]