Transcript of The PayPod: Episode 18 - Canada's payments modernization plan

In this episode, host Cyrielle Chiron introduces a prerecorded webinar from The SUMMIT Series that took place earlier this year. The discussion explores Canada's payments modernization plan and what upcoming changes in payments will mean for individuals, businesses, and the future of payments in Canada - featuring Andrew McFarlane of Payments Canada, Andrew Obee from Ficanex, Derek Vernon from BMO, and Sue Whitney from Central 1.

Guests: 

  • Andrew McFarlane, Executive Director, Modernization, Payments Canada
  • Andrew Obee, President & CEO, Ficanex
  • Derek Vernon, VP and Head, Enterprise Payments Modernization, BMO
  • Sue Whitney, VP, Payments Strategy and Relationships, Central 1

Transcript:

Cyrielle Chiron:
Payments Canada is leading an industry-wide payments Modernization program to ensure Canada’s payments infrastructure, rules, standards and bylaws are best equipped to support innovation for the benefit of all Canadians, our economy and global competitive position.

2021 is a big year for payments modernization with the launch of Canada’s new high-value system, Lynx, the foundational groundwork being done for the Real-Time-Rail, renewed government interest in open-banking, and much more.

With all these great initiatives underway, it’s important to understand what these changes in payments mean for you, your organization, and the future of payments in Canada.

I’m Cyrielle Chiron, Chief Strategy Officer at Payments Canada and host of The PayPod, which explores the trends and topics influencing payments in Canada and around the world.

In this episode of The PayPod, we’re bringing you a recording from The SUMMIT Series webinar focused on how Payments Canada is working with key industry players to bring modern payments to life.

Featured in the recording is Andrew Obee from Ficanex, Sue Whitney from Central 1, Derek Vernon from BMO, and Andrew McFarlane from Payments Canada. 

Let’s listen in to the discussion: 


[Edited recording of The SUMMIT Series webinar]
 

Cyrielle Chiron:
In the coming years, Canada will see the launch of two new payments systems: Lynx and the Real-Time Rail.

THIS YEAR, Lynx will modernize Canada’s high-value clearing and settlement system with an enhanced risk model that complies with Canadian and international risk standards and, in the follow-up release, Lynx will support ISO 20022 messaging in support of SWIFT’s ISO 20022 global requirements.

In 2020, Canada saw an upsurge in the use of digital payments and a rise in Canadians' adoption of new ways to pay. The real-time rail will support this growth with faster, secure, data-rich payments and act as a platform for innovation that will bring new payment products and experiences for Canadians and Canadian businesses.

Like Derek Vernon said, “there has never been a more exciting time in payments”.

Thank you for joining me today for this episode of The PayPod as we share discussions taking place across the payments ecosystem.

Join the payments conversation online using hashtag #ModernPayments and stay informed by registering today for our annual conference, The Payments Canada SUMMIT at thesummit.ca.

I'm Cyrielle Chiron, thanks for tuning in!