Doug Kreviazuk to lead Canadian paytech industry association, promoting competition, innovation and greater choice in payment-related services
OTTAWA, ON–PayTechs of Canada, the association advancing the interests of the national paytech community, today announced it has hired Doug Kreviazuk as its first executive director. Doug is a twenty-year veteran of the Canadian payments industry, having most recently served as Lead Payments Consultant at the Competition Bureau. In his previous twenty years, Doug served as Vice President of Next Generation Clearing and Settlement and Vice President of Policy and Public Affairs at Payments Canada. During this tenure, he served on many national and international payments committees in the pursuit of faster, more efficient payment processes and platforms.
PayTechs of Canada is committed to fostering diverse representation of paytech companies who seek to leverage technology in the efficient movement of money and promote the introduction of innovative financial services into the mainstream for the benefit of all Canadians, small businesses, corporate users and government. There are more than 600 paytech firms operating in Canada today, collectively raising more than CAD$2.86 billion in funding and employing around 80,000 Canadians. Through education and advocacy, PayTechs of Canada will advance the introduction of a new legal and regulatory framework supporting the payments system–one that is more inclusive of industry participants, enables a more competitive marketplace, and encourages greater innovations for the benefit of all users of the payments system.
“Given his experience, knowledge and industry relationships, Doug is clearly the right leader to provide a cogent direction and clear voice for non-bank entities and elevate the competitive climate and opportunities that will serve all Canadians,” said Laurence Cooke, Founding Member and Board Chair, PayTechs of Canada.
Daniel Eberhard, Founding Member, Paytechs of Canada, added: “Under Doug’s leadership, PayTechs of Canada will quickly become the go-to platform to help inform regulators, stakeholders and Canadians as to how this industry needs to evolve.”
“The Canadian payments industry appears to be on the cusp of an exciting transformational change,” said Doug Kreviazuk, Executive Director, PayTechs of Canada. “The introduction of paytech firms into the payments system will bring about a much-needed competitive dynamic to an industry that has long been controlled by a small group of large and powerful institutions. Today’s payments systems are largely built on legacy processes and badly aging technologies. As such, they perpetuate many unnecessary and inefficient rules and procedures. Unfortunately, because of this, Canada’s competitive position on the world stage increasingly suffers.”
PayTech firms are global pioneers introducing more efficient and convenient payment-related services for consumers and business. By way of re-engineering outdated payments processes and leveraging current technologies, routine processes for day-to-day payments activities can be simplified, producing new products and greater value-added services for users. PayTechs of Canada will harness the innovative approaches and ideas of the membership to help usher in a new dynamic for the payments industry.
About PayTechs of Canada
PayTechs of Canada is the only national and collaborative forum for paytech firms and strives to advance the nationwide conversation to embrace broader system access, greater competition and encourage the deployment of technological innovations. It supports a safe and sound payments system and will work closely with national regulators to preserve and enhance the current system. PayTechs of Canada will promote effective regulation and industry competition, greater efficiencies, enhanced safety and an expanded array of products and services. Founding members include nanopay Corporation, Payment Source, Paytm Labs Inc., Peoples Trust Company, Portag3 Ventures GP Inc., Celero Solutions Inc., Koho Financial Inc., Digital Retail Apps Inc., and Marcus Dagenais. Learn more at www.paytechs.ca