Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
How will Canada reinvent its payments framework for a post-pandemic digital reality?
Torys | Adam S. Armstrong | Oct 21, 2020
Alternative digital payment solution platforms have entered and expanded the market and niche offerings, ranging from independent online trading platforms to digital loans and new financing providers. Add to this mix the COVID-19 crisis, which has proven a major change agent accelerating the already fast pace at which digital transformation has been taking place in the financial services industry.
To address the significant momentum for change taking place in the financial services sector, Payments Canada is undertaking a multi-year initiative to modernize the nation’s payments ecosystem.
See: Mastercard and Visa seek to get the most out of the digital-payments boom
Payments Canada is responsible for the operation of the national clearing and settlement infrastructure and is currently in the process of implementing a new real-time payments system. The new system (referred to as Real-Time-Rail, or RTR) will be comprised of two main components: 1) the RTR Exchange; and 2) the RTR Clearing and Settlement.
The greater availability of secure payments data is arriving just in time to spur growth of fintechs in Canada by enabling new financial services, including through open banking APIs.
The RTR Exchange will facilitate the real-time exchange of payment messages between participants, and the RTR Clearing and Settlement will perform the real-time clearing and settlement of transactions between participants.
See: Accelerating winds of change in global payments
Businesses are also now presented with the opportunity to plan for and implement new strategies that take advantage of the operational benefits and additional functionality that RTR will introduce. One such example will be the opportunity for participants to have payroll and bonuses deposited immediately into the accounts of employees.
The new payments landscape also gives businesses an opportunity to reconsider their overall customer strategy: how will future efficiencies and functionality around payments impact customer behavior? How can these anticipated behavioral changes be leveraged? What opportunities exist to provide enhanced offerings to customers?
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