The measured evolution
By Meenaz Sunderji A recent report released by the Standing Senate Committee on Banking, Trade and Commerce warned that Canada is at risk of falling behind if the country fails to create a regulatory environment conducive to open banking. The report called for the federal government to move forward with …
Removing the payments boundaries
By Brian Weiner The experience of buying and selling has fundamentally changed and there is no sign this will stop. Payments are no longer being constrained by current wire payment infrastructure, thereby opening up possibilities for people even in the most remote parts of the world and giving them access …
Rebooting international payments
By Lindsay Mulligan It’s difficult for banks to distinguish themselves in today’s digital world. With technology evolving at the speed of light, customer expectations are high, and it is incumbent upon financial institutions (FIs) to provide their clients with the latest technology if they wish to obtain, and retain, their …
Prepaid sparks FinTech innovation
By Jennifer Tramontana Prepaid currently plays a valuable, though unassuming, role in Canada’s financial ecosystems. With $4.3 billion loaded onto open-loop prepaid products in 2018, reports the Canadian Prepaid Providers Organization (CPPO), prepaid is rising from the shadows as more consumers, businesses and governments discover the convenience and security of …
It’s a matter of trust
By Brendan Read As Canada prepares to adopt open banking, financial institutions (FIs) are figuring out how to embrace this new level of digital information sharing. Canada is following the lead of other jurisdictions, such as the United Kingdom, Europe and Australia, in giving its citizens more control over how …
Disrupting the payments ecosystem
By Tyler Anderson Payments in the Canadian ecosystem have evolved beyond the financial service providers. Everyone from early-stage start-ups to tech giants and to other non-financial players wants to be involved in the quickly growing payments ecosystem. At FinTech Growth Syndicate (FGS), we have had a front row seat to …
Connections key for payments
By Patrick Bermingham Canadian start-ups and established business-to-business (B2B) companies alike are increasingly interested in the industrial Internet of things (IoT), with over 81 per cent of medium and large organizations adopting at least one IoT solution. Many of these businesses, however, are missing a trick when it comes to …
Adopting FinTech to help others
By Christopher Morris and Brian Laneheart The Canadian FinTech sector has grown in recent years. In the first half of 2019, Canadian FinTechs raised $251 million, almost double the amount raised during the first six months of 2018. Today, Toronto, Ontario is one of the largest industry hotbeds in North …
Why compliance for blockchain/cryptocurrencies?
By Amber D. Scott Most compliance professionals first hear about cryptocurrencies, like bitcoin, and blockchain projects in terms of risk. Questions then arise: from whether these products can be used to launder money and finance terrorism (yes, as can every other payment method, but they aren’t great for this purpose), …
The value of robust surveillance
By Rick Snook In 1957 a bank robbery in Cleveland, Ohio, where a man and his accomplice forcefully approached a teller, stuffed over $2,000 in a bag and ran out to their getaway car, became the first ever to be captured on film and caught soon after. Fast-forward from that …