What needs to change in Canada’s current payments ecosystem
Year after year technology continues to play an important role in the financial sector. This role has not only impacted the general functioning of financial institutions in Canada but their members as well. While many of these advancements have brought on positive change, there is still much more to be done.
The Canadian government has been attempting to create change within our payments system, however, they have fallen short of our international peers. Having positive changes in legislation would increase Canadian business global participation, improve member experience within financial institutions and allow paytechs to offer better services with reduced risk to clients.
PayTechs of Canada advocates for the creation of this legislation, creating a stronger Canadian payments ecosystem.
The modernization of the payments system within Canada is needed to keep pace with the demands of Canadian businesses, consumers and financial institutions. As the global payments system continues to evolve, new opportunities are created for international paytechs to provide support. This modernization of the payments system will help Canadians better handle the economic challenges of recent years.
While Canada is still behind in the industry, a few major steps are being taken in the future, such as:
To help support these modernization initiatives, PayTechs of Canada provides education and advocation for the topics above. In addition, they fighting to have paytechs participate directly in the payments system. This direct participation would eliminate friction and create a better member experience.
Celero being a partner
“We have a responsibility and a drive to empower our clients and partners with access to payments solutions that position them competitively in the market,” says Tom Papagiannopoulos, senior vice president of outsourcing and managed services at Celero. “Celero’s role as a founding member of Paytechs of Canada is to ensure that smaller FIs and fintechs’ perspectives and goals are part of future payments policies and regulations.”
Additionally, director of client solutions and business development at Celero, Kristen Wilson is a Board Member at PayTechs of Canada. The PayTechs of Canada Board of Directors is composed of industry representatives from diverse business models and varied skill sets. The strength of the Board and its decision-making process is enhanced by a diverse, skills-based membership. Celero, through its global reach and experience as a provider of digital technology and payment solutions brings an entrepreneurial spirit and best-in-breed attitude to the Board's decision-making process.
We heard from the executive director of PayTechs of Canada, Doug Kreviazuk to see what else is on the horizon for PayTechs of Canada in 2021. Doug mentions that in 2021, PayTechs of Canada will continue its focus on affecting change to current industry policy and legislation that prevents the direct participation of payments service providers. By undertaking and leveraging credible financial sector research, we will continue to see enhanced opportunities for paytechs to originate the payments of their clients. In addition, as the effects of Covid-19 begin to recede, PayTechs of Canada will resume plans to enhance virtual and in-person educational and networking opportunities for members. These efforts will support our efforts to grow and broaden the membership base and its influence on financial sector policy-making.
Stay up to date with PayTechs of Canada by reading their biweekly blog that covers industry news and opportunities, executive interviews and more.
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Celero is a leading provider of digital technology and integration solutions to credit unions and financial institutions across Canada. Clients trust Celero’s proven track record delivering innovative banking technologies, digital and payment solutions, cloud computing, outsourcing, IT and advisory services.
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