Marko Pavlovic

Canada's Payments and broader financial services regulators converge #payments #fintech #banking #RPAA #FCAC #CDIC #BankofCanada #OpenBanking #DepositInsurance #canada

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💬 What has been the industry response to the Canadian government's announcements in relation to a consumer-driven banking framework in Budget 2024? Steve Boms, executive director at FDATA North America called it "a significant step for the financial empowerment of consumers and small and medium-sized enterprises". 🇨🇦 Find out what the ecosystem had to say at the 🔗 Alex Vronces Fintechs Canada Open Finance Network Canada Michelle Beyo Roy Kao Nicholas Schiavo Council of Canadian Innovators | Conseil canadien des innovateurs #openfinance #openbanking #canada #consumerdrivenbanking #smallbusinesses #canadians #financialinclusion #payments #realtimepayments https://lnkd.in/eb58hS9P

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Happy RPAA day to the PSP's that service customers in 🇨🇦! #regulation #compliance #payments #fintech #registration #15days #canada #retailpaymentsactivitiesact #RPAA

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Bank of Canada - Digital Payments: A Framework for Inclusive Design Source: https://lnkd.in/gphkw2yg #payments #digital #framework #inclusive #design #canada #overview #cbdc Credits: Sebastian Hernandez Alexandra Sutton-Lalani John Miedema Virginie Cobigo Fatoumata Bah Munazza Tahir Danika Lévesque Badr Omrane Highlights: We develop our framework to improve the cognitive accessibility of a potential CBDC, but it can be applied more broadly to any digital or electronic payment methods. Ultimately, this framework evaluates the cognitive accessibility of digital payment products, either to determine their suitability for a user population or to form the basis of design recommendations to improve accessibility and usability of those products. At the Bank of Canada, we will use the framework to develop guidelines for more cognitively accessible electronic payment products, including in the context of a hypothetical Digital Canadian Dollar, and for a variety of technologies within the digital payments space. This framework can also inform and help guide key stakeholders and vendors—manufacturers of electronic bank notes, for instance—in designing more accessible products. This framework is essential due to the prevalence of cognitive accessibility needs in payments and the important role banking and financial transactions play in society. Involving people with cognitive disabilities in the design, testing and refining of design guidelines is particularly important; determining accessibility barriers and related solutions is impossible without their direct involvement. We will continue to develop and use the design framework presented in this paper because it allows for efficient evaluation of system learnability and cognitive workload, as demonstrated in the voice payments case study. The workload measurements match the estimated task complexity, suggesting that the submeasures are accurate. However, more validation is needed. This work is based on testing of a voice payment technology for a small sample of a prototype system. While an efficient way to conduct testing in very early stages of the system design, this type of testing does not replace holistic usability and accessibility testing of the entire product or payment method. Additionally, cognitive accessibility, while very important, is only one aspect of accessibility, and accessibility is only one aspect of the user experience. Therefore, this framework is intended to be used as one part of a larger user experience design system. Future work with the framework will be to further develop the measures by examining the infrequent but security- and privacy-critical tasks for onboarding. During the evaluation of the onboarding phase of the workflow, we will determine if additional or different measures are more appropriate or necessary for this type of task.

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Buckzy Payments Inc. - Cross Border Payments Expert. Push to Card Service Overview: The Push to Card service enables the transfer of funds directly to a recipient’s debit, credit, or prepaid card, typically through the Visa Direct or Mastercard Send networks. This method allows for quick, secure, and efficient cross-border payments, where funds are transferred almost instantly to the recipient’s card account. Key Features: Instant Availability: Funds are generally available on the recipient’s card within minutes. Wide Acceptance: Supports a vast network of Visa and Mastercard cards, providing extensive global reach. Convenience: No need for the recipient to provide bank account details; they only need a card number. Secure Transactions: Transactions are protected by the security features of the card networks, ensuring safe transfers. Versatility: Suitable for a variety of use cases, including P2P transfers, business disbursements, gig economy payments, and more. Use Cases: Gig Economy Workers: Instant payments to freelancers or gig workers. Insurance Disbursements: Quick settlement of claims to policyholders. Refunds and Rebates: Fast refunds directly to customers' cards. Remittances: Convenient cross-border money transfers to family and friends. This service provides a seamless and efficient way to send money globally, with the added convenience of funds being directly accessible on a card.

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STET and ACI Worldwide have reached a RECORD high, processing of over 50 MILLION cross-border payments is set to DOUBLE annually 🤯 🤝 💸 Having partnered since 2017, the STET platform uses ACI's Low Value RTP as a SaaS service to offer SOPHISTICATED routing and processing capabilities to enable its 20 member banks to connect DIRECTLY to the European schemes 👨‍💻 “ACI is uniquely positioned to provide interoperability and connectivity to all European and global schemes, which is crucial as efforts to build cross-border payments networks accelerate across the world, said Nick Craig, Head of Europe, ACI Worldwide. “Central infrastructures, banks and PSPs are using ACI to maximize the use of their real-time rails and position themselves for the future growth of instant payments, whilst offering new and innovative service for their customers.” Find out more on the link below! 👇 Regis Folbaum #aciworldwide #instantpayments #digitalpayments #europe #paymentprocessing #crossborderpayments #stet #SEPA

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The Canadian financial technology companies’ industry association, Fintechs Canada, has appointed a new set of seven directors to its Board. The organization is a not-for-profit entity to collectively represent interests of the fintech players in the country. Accordingly, all the seven directors are senior leaders from the Canadian fintech industry. The new Directors of the Board will assume their roles with immediate effect for the 2024-25 period. The seven board members are: Andrew Graham, Co-Founder and CEO of Borrowell; Laurence Cooke, Founder and CEO of nanopay; Anne Butler, Chief Legal Officer at Peoples Group; Jessica Oliver, Head of Government and Regulatory Relations at Wealthsimple; Ben Harrison, Partner, Head of Partnerships and Policy at Sagard; Dominique Samson, Vice President of Corporate Affairs at Flinks; and Peter Aceto, Chief Banking Officer of Koho. While it’s not been explicitly mentioned, it seems that Graham, Cooke and Harrison were also part of the preceding board. That Board of Directors was announced in November 2022 along with the rebrand to Fintechs Canada. Further, Graham takes over as the new Chair of the Board. Appointed in February 2021, Alex Vronces serves as the association’s Executive Director. Among its achievements, the association lists the implementation of a federal open banking framework, changes to legislation to increase access to payment systems, and reaffirmed commitments to launch Payments Canada’s real-time rail. Moreover, Fintechs Canada is is now looking forward to create a forward-thinking fintech policy agenda to help spur ongoing innovation and growth in the industry as the federal election year draws near. #canada #fintech #board

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The Canadian government’s plan to implement open banking by 2025 is a big step forward for the financial industry. Open banking lets consumers securely share their financial data with third-party providers, sparking innovation and competition. This change will transform banking in Canada, giving consumers more control over their financial information and access to personalized services like budgeting apps and investment advice. It’s an exciting time as the financial sector adapts to this change, benefiting both consumers and industry professionals. Reference : PricewaterhouseCoopers. (n.d.). What open banking means for Canada’s financial landscape. PwC. https://lnkd.in/gB-aBTNK #finance #canada #openbanking #innovation

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🇨🇦 Fintechs Canada has asked the government to commit further funding to the Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada for consumer-driven banking, in the next federal budget. The not-for-profit has also called for the government to support delivery of Canada's Real-Time Rail on a "timely basis" ⏰ Read the full story below 👇 Alex Vronces #openbanking #openfinance #payments #realtimepayments #paymentsystem #Canada #fintechs #financialdata https://lnkd.in/edKmD7sz

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Our recent How Canadians Bank survey shows that consumers are largely satisfied with the banking services they access from Canada’s banks: • 97 per cent say that they are satisfied with online banking. • 95 per cent say that they are happy banking with the mobile banking app. • 95 per cent are satisfied with ABM banking. Satisfaction with these types of banking have all improved in recent years. Learn more about the latest survey results here: https://ow.ly/tu3Y30sEuSW #HowCanadiansBank2024

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Payments Canada posted their response to draft guidance issued by Bank of Canada regarding the Retail Payments Activities Act (RPAA). Reflecting on the recent Canadian MSB Association Spring Training and The Payments Canada SUMMIT, it's clear that preparation for the upcoming Retail Payments Activities Act (RPAA) registration between November 1-15, 2024, is crucial. The RPAA is set to enhance the safety and stability of our financial system while fostering competition. Key requirements include: 🤖 Establishing, implementing, and maintaining a risk management and incident response framework (RMIR Framework) effective September 8, 2025. 💲 Safeguarding customer funds under certain circumstances. 📉 Submitting an annual report and notices of material changes in operations or structure (effective September 8, 2025). 💸 Registering with FINTRAC as a Money Service Business (MSB) and fulfilling the prescribed #AML requirements. While additional regulation aims to ensure stability, we must consider the financial burden on start-ups and smaller entities - and the adverse impact that could have on competition. The team at Minerva understands the #AML landscape in Canada and what that means to both new entrants and established financial institutions, and we are here to help, along with other amazing industry colleagues and partners. Balancing prudential regulation with innovation is essential. Embracing innovation and sup-tech sandboxes, as seen in other countries, could allow companies to innovate without incurring significant costs during the registration process. A robust program like this could benefit the Canadian financial landscape. How do you feel about the RPAA? Will it do what it has set out to do or will it have a limiting effect on choice? #RPAA #FinTech #FinancialRegulation #Innovation #Minerva #PaymentsSummit https://lnkd.in/dwbsrbWU

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Central banks play a crucial role in promoting financial stability. They act as financial system stabilizers through their capacity to create #liquidity and channel it to financial institutions and markets in times of stress—a role that has evolved and expanded substantially over the past 15 years. This Bank of Canada Staff Discussion Paper provides a stylized discussion of recent policy developments in this area and what they mean for debates and decisions about the design of central bank liquidity policy. Across several policy dimensions, the paper outlines broad changes since the 2008–09 global financial crisis and highlights some of the key challenges, choices and considerations facing the designers of central bank liquidity tools today.

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These 5 trends in consumer banking are making banking easier, safer and more convenient. The post Banking Trends in Canada: Making Banking Easier for Everyone appeared first on Discover & Learn.

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10x Banking have launched a NEW category of core technology...META CORE! 🚀 👏 🏦 10x’s new platform allows banks AND system integrators for the first time to focus dev resource only on high-value code by abstracting away common product elements as well as the core ledger ITSELF. 🌐 💹 As a result, the new 10x platform only requires a bank to create and maintain as little as 2,000 LINES of code for a SINGLE customized banking product – up to a 10x reduction in code base compared to neo core platforms and up to a 10,000x reduction compared to legacy core 👨‍💻 Antony Jenkins CBE, 10x Banking founder and CEO said, “10 years ago banks knew they had to go on a journey of transformation. Good progress has been made in some areas but one of the challenges that has emerged is that even the newer technologies come with their own set of problems. The ‘meta core’ provides banks with the best of all worlds: flexibility on the one hand and unlimited scalability on the other hand. The benefits are much faster speed to market, enterprise-grade security, the ability to unlock data for AI, and a lower cost base. Neo cores have created part of the solution, but we have taken it to the next level.” “From my experience, running a bank is all about managing risks, and we’ve designed our meta core to specifically remove the key risks that banks face when upgrading their core. 10x Banking is the first company in the world to offer a ‘meta core’, and for the first time gives banks a clear roadmap to full transformation.” Find out more on the link below! 👇 Alice Thomas ThoughtLDR Frederico Venturieri Nicole Sanders Okan Ozaltin Arianne Rosmolen-Dickinson #10xbanking #fintechnews #digitalbanking #corebanking #AI #cloudbanking #bankingtechnology #fintechnews #digitalroadmap

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Kuda to Launch Multi-Currency Digital Wallet in Canada, Following Securement of Payment License Kuda Technologies, the target Global-backed parent company of Kuda Bank, is preparing to introduce a multi-currency digital wallet designed to simplify remittances for Africans, having recently secured a payment license in Canada. Scheduled for release in Q3 2024, the new digital wallet will cater to Africans living in Canada by offering a convenient, instant, and reliable means of sending money to their home countries. Babs Ogundeyi, CEO of Kuda, revealed that the wallet will support multiple currencies, including GBP, EUR, USD, and CAD, allowing users to easily add funds and transfer money to African countries through a network of trusted partners. Read more #Kudabank #remittance #USD Precious Akin Iluku (FCCA, ICAN RA,ACTI, MCIB) Sulaimon Abiola Nosakhare Oyegun Feyi Togan

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It’s clear that the Bank of Canada is taking significant steps to regulate the fintech landscape in Canada, particularly with the introduction of the Retail Payment Activities Act (RPAA). This move underscores the importance of compliance for fintech startups and highlights a pivotal moment for innovation in our industry. We must recognize that while regulations may seem daunting, they also present an opportunity to build trust with our users. By adhering to these new rules, we not only ensure the longevity of our businesses but also contribute to a more secure financial ecosystem. - there will be several potential downsides for fintech startups, what are your thoughts Tal Schwartz ? Read more here: https://lnkd.in/geY5-D5j

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TD Canada Trust, one of the five large banks in Canada, offers an Authenticator app for Multi-Factor Authentication (MFA) when logging into your bank account. However, users cannot turn off SMS authentication even when using the Authenticator app. This defeats the whole purpose of using the Authenticator app. Don't be like TD Canada Trust; protect all your business applications with MFA AND an Authenticator app. Remember, SMS multi-factor authentication is inherently risky, so avoid using it. Consult with Prasna IT https://lnkd.in/gBnxfQ2S #MFA #dataSecurity #humanizedITSupport

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