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June 21, 2024

On the web

Changes to the Canadian Payments Act Receive Royal Assent

Payments Canada

"The proposed changes to the Canadian Payments Act (CP Act) to expand Payments Canada’s membership have received Royal Assent, the final step required for a bill to become law. The changes were included in the 2023 Fall Economic Statement Implementation Act, also known as Bill C-59, and will come into force on a day/days to be set by the Governor in Council."

April 19, 2024

On the web

Budget 2024: Canada’s Consumer-Driven Banking Framework


"Consumer-driven banking, also known as open banking or consumer-directed finance, refers to frameworks that allow consumers and small businesses to securely transfer their financial data through an application programming interface (API) to approved service providers of their choice."

April 16, 2024

On the web

April 15, 2024

On the web

March 29, 2024

On the web

March 28, 2024

On the web

Opinion: Canadian Banking Needs More Competition

Financial Post

"Competition and product innovation are hindered by Canada’s outdated financial infrastructure, which lags the real-time payment settlement and consumer-driven banking that have measurably improved outcomes for consumers in all other G7 countries."

November 15, 2023

On the web

November 2, 2023

On the web

October 9, 2023

On the web

October 5, 2023

On the web

September 5, 2023

On the web

August 14, 2023

On the wires

August 11, 2023

On the web

Canadian Bank’s Report Reveals Drawbacks To CBDC Adoption


"Central Bank Digital Currencies (CBDCs) have been gaining prominence around the world over the last couple of years and Canada has not been left out. However, unlike some countries where these central bank-issued digital currencies seem to be picking up steam, Canadians have not been as welcoming."

June 27, 2023

On the web

PayPal Expands Passkeys to Canada

News Wire

"PayPal helps customers shop and pay with peace of mind by helping to protect their privacy, money and purchases every step of the way. Starting today, the company is expanding passkeys to eligible customers on Apple devices and Google Android devices in Canada."

June 14, 2023

On the web

May 30, 2023

On the web

May 26, 2023

On the web

A Guide to Modernizing Payments in the Financial Sector

Policy Options

"Canada must act swiftly to remain on track with modernizing its financial sector policies that affect how consumers make payments. Other countries are adopting fintech innovation at a much faster pace, leaving Canadians with limited consumer choice and competition among financial service providers compared with other parts of the world."

May 22, 2023

On the web

Government Announces Lower Credit Card Transaction Fees for Small Businesses

Government of Canada

"The Government of Canada today announced it is delivering on the Budget 2023 commitment to lower credit card transaction fees for small businesses by finalizing new agreements with Visa and Mastercard, while also protecting reward points for Canadian consumers offered by Canada’s large banks. Small businesses pay fees to process credit card transactions, with the largest component being the interchange fee paid to credit card-issuing financial institutions, such as banks."

May 19, 2023

On the web

Canada And Australia Continue Consultation And Research Into CBDCs


"According to a May 8, 2023 press release, the Bank of Canada has launched online public consultations to understand the features that could be included in a digital Canadian dollar. The consultation seeks to understand how Canadians would likely use a Canadian digital dollar, what security features are important, and accessibility and privacy concerns. The public consultation runs until June 19, 2023. The Bank of Canada has stated that a digital Canadian dollar is not needed at this time, and any decision to issue one rests with Parliament and the Government of Canada."

May 9, 2023

On the wires

Interac Enables Secure Digital Transactions with the Launch of Interac Verified


"Interac Corp. (Interac), one of Canada's most trusted brands1, today introduced Interac Verified™, the official new name for its verification business arm. This announcement marks the organization's foray beyond payments and its evolution in helping Canadians to securely engage digitally. Just as consumers and businesses have relied on Interac for innovative ways to pay and get paid, Canadians can lean on the homegrown brand they know and trust to digitally verify and authenticate themselves."

May 8, 2023

On the web

Bank of Canada Launches a Public Consultation on the Design of Its CBDC


On Monday, May 8th, the Bank of Canada launched a consultation on the design of its digital dollar. The Bank is seeking feedback on what key features the public believes the potential CBDC should have. The press release, however, highlights that there is currently no need for a digital Canadian dollar and warns that such a currency may ultimately never be issued.

January 25, 2023

On the web

Clik2pay Announces Bank Payments for Shopify Stores


Payment service provider Clik2pay announced it has developed an industry changing application which allows any Shopify store to seamlessly offer a direct-from-account payment option to customers. When using Clik2pay, payments are completed safely and securely using Interac e-Transfer™, one of the most trusted money transfer systems in the world.

January 11, 2023

On the wires

TransLink Customers Can Now Tap With Interac Debit


"TransLink customers can now pay for transit using Interac® Debit on every bus and at every fare gate throughout Metro Vancouver. This makes TransLink the first transit agency in Canada to fully integrate contactless Interac Debit payments systemwide. As part of TransLink’s Customer Experience Action Plan – TransLink, Interac, Moneris, and Cubic Transportation Systems upgraded more than 5,000 Compass Readers throughout TransLink’s system to make transit payments more convenient. The upgrade allows customers to board transit by using Interac Debit with physical cards or through smartphone digital wallets."

January 9, 2023

On the wires

Canada's Nuvei to Buy U.S. Payments Firm Paya in $1.3 Billion Deal


"Canadian fintech company Nuvei Corp has agreed to buy U.S. payments technology platform Paya Holdings Inc. in a deal valued at $1.3 billion, the companies said on Monday. The deal will expand Nuvei's footprint in the United States as it seeks to build out its payments technology to cater to business-to-business customers."

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)


“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.”

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