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November 15, 2023
On the web
Canadians Report a Love-Hate Relationship With Cash, Reveals New Payments Canada Study
Payments Canada
November 2, 2023
On the web
Payments Canada Selects Nexi To Enhance Critical Resilience of RTGS
Nexi Group
October 9, 2023
On the web
Bank of Canada Identifies Global Barriers in Developing Inclusive CBDC
CoinGeek
October 5, 2023
On the web
Nuvei Launches Upgraded Solution for B2B Payments in Canada
GlobeNewswire News Room
September 5, 2023
On the web
Bank of Canada Taps EvolutionQ to Explore Impact of Quantum Computing on Digital Dollar
BetaKit
August 14, 2023
On the wires
Coinbase Accelerates International Expansion with Official Launch in Canada
Businesswire
August 11, 2023
On the web
Canadian Bank’s Report Reveals Drawbacks To CBDC Adoption
Bitcoinist.com
June 27, 2023
On the web
PayPal Expands Passkeys to Canada
News Wire
June 14, 2023
On the web
Rollout of Canada's Real-Time Rail Payment System Delayed Again as Project Undergoes Second Review This Year
BetaKit
May 30, 2023
On the web
RevoluGROUP Canada Inc. Launches RevoluPOS Worldwide Credit and Debit Card Processing
GlobeNewswire News Room
May 26, 2023
On the web
A Guide to Modernizing Payments in the Financial Sector
Policy Options
May 22, 2023
On the web
Government Announces Lower Credit Card Transaction Fees for Small Businesses
Government of Canada
May 19, 2023
On the web
Canada And Australia Continue Consultation And Research Into CBDCs
ZyCrypto
May 9, 2023
On the wires
Interac Enables Secure Digital Transactions with the Launch of Interac Verified
Cision
May 8, 2023
On the web
Bank of Canada Launches a Public Consultation on the Design of Its CBDC
Tokenist
January 25, 2023
On the web
Clik2pay Announces Bank Payments for Shopify Stores
Clik2pay
January 11, 2023
On the wires
TransLink Customers Can Now Tap With Interac Debit
Businesswire
January 9, 2023
On the wires
Canada's Nuvei to Buy U.S. Payments Firm Paya in $1.3 Billion Deal
Reuters
December 15, 2022
On the web
Bank of Canada Plans 2023 CBDC Consultation as It Moves to Development
Ledger Insights - blockchain for enterprise
“Bank of Canada Governor Tiff Macklem spoke yesterday about a potential Canadian central bank digital currency (CBDC). Next year the bank plans to consult the public on a potential CBDC. Particularly they want to find out what the public’s expectations of a digital currency and what features would be important to them. As part of the central bank’s R&D into digital currency, it is moving from the research phase into the development phase to be prepared if the need arises to issue a CBDC. However, the Governor made clear that a decision on whether to issue a CBDC is up to parliament….Meanwhile, the MIT Media Lab Digital Currency Initiative (DCI) is working with the Bank of Canada as part of its research work. The DCI is also working with the Federal Reserve Bank of Boston on Project Hamilton and the Bank of England.”
November 4, 2022
On the web
The Canadian Federal Government Set to Launch Stablecoins and CBDC
Coinpedia Fintech News
“The rise of cryptocurrencies has significantly threatened global governments worldwide, and Canada is no exception. As a measure to keep control, international governments are working on digitizing their respective currencies through Central Bank Digital Currency (CBDC). According to Canada’s Fall Economic Statement 2022, consultations with relevant stakeholders on CBDC have already begun. As such, market strategists forecast the country to launch a Canadian digital dollar in the near future.”
November 3, 2022
On the web
Paying by Credit Card? Most Businesses in Canada Can Soon Add Surcharges for That
Global News
“Canadians may see a jump in businesses adding credit card surcharges as restrictions on the practice lift this week, though research from the Bank of Canada shows consumers have long been paying extra because of the payment option. A report Wednesday from the Canadian Federation of Independent Business found that 19 per cent of small businesses are considering an added charge for credit card transactions to offset processing fees, while 26 per cent of respondents said they will add a surcharge if their competitors or suppliers do.”
October 14, 2022
On the web
Remitly Makes Visa Direct Real-Time Payments Platform Available to Customers in Canada
GlobeNewswire News Room
“Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a leading digital financial services provider for immigrants and their families, today announced the expansion of its relationship with Visa by making Visa Direct, Visa’s real-time push payments platform, available to Remitly customers in Canada.[1] According to the World Bank, more than $6.5 billion in personal remittances are sent annually from Canada. Now, Remitly customers in Canada will be able to send funds to eligible recipients in more than 100 countries around the world with a broader array of payout options that will now include Visa cards, in addition to the pre-existing bank account, digital wallet, and cash payout options.”
October 13, 2022
On the web
Payments Canada Delays Real-Time Rail Payment System Launch (Again)
BetaKit
“Payments Canada has delayed the launch of the forthcoming Real-Time Rail (RTR) payment system, saying it needs more time to validate and test the system’s components and end-to-end integration. “We recognize that there will be impacts for the payment ecosystem in Canada,” said Tracey Black, the president and CEO of Payments Canada. It’s the second time Payments Canada has delayed the system’s launch. It first promised to deliver the RTR in 2022, and then rescheduled the launch to mid-2023. No revised timeline was given by Payments Canada as part of its most recent delay announcement. Black said that Payments Canada’s members, stakeholders, and the broader payment industry would need to be consulted first. “We are working closely with these groups to replan and confirm a revised launch date, which we will share publicly once confirmed,” said Black.”
July 28, 2022
On the web
Canadian CIO Strategy Council Publishes Digital ID and Trust Standard Update, Seeks Feedback
Biometric Update
“The National Standard of Canada for digital trust and digital identity fundamentals has reached a periodic review period, leading Canada’s CIO Strategy Council to seek public input. The proposed second edition of the ‘CAN/CIOSC 103-1, Digital Trust and Identity – Part 1: Fundamentals’ would further refine the characteristics and requirements for digital trust and identity, and expand its scope to include additional assurances for relationships between people and other people or organizations. New sections on leadership, planning and support have also been added to support adoption of the standard. The result is that the 40-page first edition has ballooned to 59. Thirteen subsections have been added to the chapter on processes, mostly relating to the relationships mentioned above.”
March 18, 2022
On the web
How the Push to Modernize Canada’s Payment Systems Went Off the Rails
The Logic
“In the days before the December holidays, the organization in charge of Canada’s national payments infrastructure made a disclosure that came as little surprise to the country’s fintech sector: the launch of a new national system that would let businesses process consumer payments instantly would once again be delayed. Payments Canada, a non-profit organization that reports to the government, started laying the groundwork for the project, called the Real-Time Rail, in 2015 as part of an ambitious effort to modernize Canada’s financial plumbing for the digital age. The tech industry in particular welcomed the initiative, which it believes will drive innovation by making it easier and cheaper for fintechs and other companies to develop new services for consumers.”
August 4, 2021
On the wires
Interac and Many of Canada’s Leading Financial Institutions Enhance Interac E-Transfer to Introduce Instant Digital Payments for Businesses
“Today, Interac Corp., with the support of 13 leading Canadian financial institutions, is launching Interac e-Transfer for Business, an innovative solution that builds on the widespread adoption of the Interac e-Transfer service. The solution enables real-time digital payments to personal and commercial bank accounts with confirmation of funds received within seconds.”
July 12, 2021
On the web
Canada’s Small Businesses Pin Hopes on Real-time Payments
American Banker
“Most real-time payment use cases focus on digital commerce or back-office needs. In Canada, there’s also a growing desire to support faster payments for local businesses. This demand stems from the “shop local” trend that grew during the pandemic, according to research from Interac, the Canadian debit network, which is developing a real-time rail with Payments Canada, the Ottawa-based organization that oversees the nation’s payment system. The target date for launch is late 2022.”
March 2, 2021
On the wires
Payments Canada Selects Interac Corp. As the Exchange Solution Provider for Canada’s New Real-time Payments System, the Real-Time Rail
“Payments Canada announced today the selection of Interac Corp. as the exchange solution provider for Canada’s real-time payments system, the Real-Time Rail (RTR) . This announcement follows a selection process that included participation from the Bank of Canada. The exchange solution provided by Interac will allow Payments Canada members participating in the RTR to send and receive RTR payment messages. The partnership will leverage Interac’s existing infrastructure in Canada’s payment ecosystem and its existing connectivity to nearly 300 financial institutions. To enable the settlement of RTR payments in real-time, the exchange solution will interface with the clearing and settlement solution being provided by Mastercard’s Vocalink .”
December 10, 2020
On the wires
Scotiabank 1st to Offer Real-Time Payments in Canada through Interac e-Transfer® for Business
“Scotiabank is the 1st financial institution in Canada to offer real-time payments for all business banking customers using flexible routing options like an account number or email address, using Interac e-Transfer® for Business. This, along with data-rich remittance information will make it easier for businesses of all sizes to pay one another and reconcile transactions in real-time.”
November 10, 2020
On the wires
Interac Collaborates with Walmart to Expand Debit Payment Options across Digital Shopping Experience
“Interac Corp. today announced that it is working with Walmart Canada to offer its customers enhanced methods of paying with debit online and in-store. With a target timing of Spring 2021, Walmart shoppers will soon be able to checkout using Interac® Debit for In-App and In-Browser Payments on proprietary wallets. Walmart has also begun rolling out Interac Flash® at point-of-sale terminals in-store, giving customers the option to pay with the secure tap of a debit card or smartphone.”
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