Latest news with #PaymentsCanada
Yahoo
02-06-2025
- Business
- Yahoo
Canada's real-time payments modernisation: A turning point for financial institutions
Canada's payments ecosystem is at a pivotal stage of transformation. The journey toward simplification and modernisation is accelerating, with efforts such as the introduction of Real-Time Rail (RTR) and increased regulatory oversight reshaping the landscape. This impending change will greatly impact the nation's financial services industry, which is anchored by five dominant banks that control over 90% of the country's total banking assets and financial services market share. Despite their historical strength and resilience – particularly during periods of global financial stress – Canadian banks now face major technical challenges. Legacy infrastructure and fragmented data environments are increasingly at odds with the growing demand for faster, more transparent, and more secure payment experiences. At the same time, traditional financial institutions must navigate these pressures while contending with broader economic headwinds. Now, under new mandates such as the Retail Payment Activities Act (RPAA), the Bank of Canada has begun registering payment service providers (PSPs), a shift that brings these players under formal oversight for the first time, enabling them to build trust, scale with more confidence and gain direct access to core payment systems. This levelling of the regulatory playing field is expected to increase market participation and foster healthy competition alongside traditional banks. As the high-value and real-time payment rails continue to evolve under regulatory oversight, institutions are under pressure to modernise both operationally and technologically. They're actively exploring new infrastructure, data capabilities and monitoring tools to support this shift. This is a crucial moment for Canadian banks to strengthen their operational readiness, not just to meet evolving expectations but to lead in a real-time economy. The momentum is here, both in regulation and innovation. Now, it's about execution. As Canada moves toward a real-time financial ecosystem, resilience has become a strategic priority — not just a compliance checkbox. Institutions today must approach resilience as a multi-layered strategy across business, operational and technical domains. These layers are interconnected: technology provides the foundation, operations drive execution and business resilience is the ultimate goal. At the top of the stack, business resilience is about safeguarding critical services and customer commitments, particularly during times of stress. According to the Bank of Canada's Operational Resilience and Operational Risk Management Guideline, Canadian institutions are now expected to identify their most essential business functions, define impact tolerances and establish plans to maintain service delivery. Payments Canada has reinforced this focus through high-availability investments, such as the launch of a secondary data centre for Lynx, the country's high-value payment system. Additionally, operational resilience now focuses on how effectively institutions can respond, recover and adapt to disruptions, ideally before customers even notice. This requires smarter monitoring, real-time alerting and a tighter grip on third-party risk. With PSPs and cloud providers looking set to play a larger role in Canada's financial ecosystem, ensuring oversight across the entire service chain is more important than ever. Finally, technical resilience underpins everything else. Canadian banks are under pressure to modernise decades-old infrastructure to meet the expectations of a 24/7 economy. Systems must not only perform at scale, but be tested, secure and adaptable. With the Real-Time Rail on the horizon, the need for infrastructure that is robust, flexible and deeply observable will only grow. By viewing resilience as a layered, interconnected capability and not a siloed requirement, Canada's financial institutions can better navigate the demands of modernisation, regulation and customer trust. In a real-time payments environment, being reactive is no longer enough. As transaction volumes increase and customer expectations for instant service rise, banks must anticipate issues before they escalate. This requires visibility, traceability, and speed — not just in payment processing, but in how institutions manage exceptions, compliance, and customer service. Canadian financial institutions have an opportunity to lead by embedding proactivity deep into their operational DNA. Canada's move toward real-time infrastructure introduces not only new opportunities but also a new set of security and fraud prevention challenges that demand proactive strategies. With standards like ISO 20022 unlocking richer data formats, financial institutions can now access and act on granular transaction data to identify friction points and anomalies. This not only reduces risk but also enhances trust and efficiency. For some context, investigating a single lost payment can cost a bank as much as $250–$300, and with the volume of transactions increasing, these costs can quickly spiral without the right monitoring tools. Transaction management platforms can address this challenge by enabling financial institutions to access and monitor payment flows across systems in real time, regardless of format or platform. These solutions typically provide two core capabilities: Real-time accessibility of transaction data to support instant decision-making. Track and Trace functionality offers end-to-end visibility, proactive alerts for delayed or failed payments, and a clear view of what's at stake – before a customer even needs to call. In turn, this approach can prevent up to 500,000 payment-related calls per bank annually, delivering a measurable impact on cost, service quality and customer experience. On the compliance front, these tools can also support regulatory reporting needs. Ultimately, in a world where milliseconds matter, layered capabilities like dynamic anomaly detection and early fraud alerting are no longer optional — they are essential. For Canadian financial institutions, there's now an imperative to assess what systems best meet their needs. As Canada modernises its payments infrastructure, the opportunity is clear: shift from reaction to readiness. Canadian financial institutions that invest now in operational visibility and resilience will not only meet regulatory expectations — they'll lead in customer trust, competitive performance, and help shape a stronger, more agile financial ecosystem for Canada's real-time future. Erik De Belder is Director of Americas & UK at Intix "Canada's real-time payments modernisation: A turning point for financial institutions" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
FF News
12-05-2025
- Business
- FF News
The Real-Time Rail Build is on Track for Completion in Q3 2025
Jude Pinto, Chief Delivery Officer at Payments Canada, was joined by the Real-Time Rail (RTR) delivery partners at The Payments Canada SUMMIT to provide an update on this national infrastructure. 'The system build is on track to be finished in Q3 2025, which is a huge accomplishment for the program' said Pinto. 'This milestone highlights the progress we've made in developing a system built in Canada for Canada and reflects the strength of our collaborative delivery approach.' Pinto was joined on the mainstage of The Payments Canada SUMMIT by representatives from the RTR delivery partners: John Collinson of Interac, Rob Mayer of CGI, Jeff Mulholland of IBM Canada and Todd Roberts of Deloitte Canada. They discussed their collaborative approach to delivering the RTR as a unified team and together reaffirmed that the RTR build is tracking towards completion in Q3 of this year, as planned. Once the RTR is built, the testing phase is set to occur through 2025 and 2026, paving the way for a robust and reliable system that meets the needs of Canadians. The RTR will be launched once the testing phase has been successfully completed. Real-time payments and the RTR proved to be topics of interest at The 2025 SUMMIT, with several panelists and speakers addressing the strong progress of the build and the transformation the system will bring to the payment ecosystem. The SUMMIT, hosted by Payments Canada, is Canada's annual premier payment event. For over 20 years, The SUMMIT has been the place to engage with exciting ideas and connect with the best leaders and innovators from across the ecosystem. The 2026 Payments Canada SUMMIT will be back at Toronto's Automotive Building from May 5 to 7. Subscribe to The SUMMIT newsletter for exclusive updates on Canada's premier payments event.
Finextra
09-05-2025
- Business
- Finextra
Real-Time Rail on track for Q3 completion
Jude Pinto, Chief Delivery Officer at Payments Canada, was joined today by the Real-Time Rail (RTR) delivery partners at The Payments Canada SUMMIT to provide an update on this national infrastructure. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 'The system build is on track to be finished in Q3 2025, which is a huge accomplishment for the program' said Pinto. 'This milestone highlights the progress we've made in developing a system built in Canada for Canada and reflects the strength of our collaborative delivery approach.' Pinto was joined on the mainstage of The Payments Canada SUMMIT by representatives from the RTR delivery partners: John Collinson of Interac, Rob Mayer of CGI, Jeff Mulholland of IBM Canada and Todd Roberts of Deloitte Canada. They discussed their collaborative approach to delivering the RTR as a unified team and together reaffirmed that the RTR build is tracking towards completion in Q3 of this year, as planned. Once the RTR is built, the testing phase is set to occur through 2025 and 2026, paving the way for a robust and reliable system that meets the needs of Canadians. The RTR will be launched once the testing phase has been successfully completed. Real-time payments and the RTR proved to be topics of interest at The 2025 SUMMIT, with several panelists and speakers addressing the strong progress of the build and the transformation the system will bring to the payment ecosystem. The SUMMIT, hosted by Payments Canada, is Canada's annual premier payment event. For over 20 years, The SUMMIT has been the place to engage with exciting ideas and connect with the best leaders and innovators from across the ecosystem. The 2026 Payments Canada SUMMIT will be back at Toronto's Automotive Building from May 5 to 7. Subscribe to The SUMMIT newsletter for exclusive updates on Canada's premier payments event.
Cision Canada
06-05-2025
- Business
- Cision Canada
Dye & Durham Launches Groundbreaking Automated Error Correction Feature for CANACT BillPay Platform
TORONTO, May 6, 2025 /CNW/ - Dye & Durham Limited (TSX: DND) ("Dye & Durham" or the "Company"), a leading provider of cloud-based, legal and financial technology solutions, today announced the launch of an innovative automated error correction feature within its industry-leading CANACT BillPay platform. This first-of-its-kind advancement directly addresses a key recommendation from the Payments Canada task force on the modernization of bill payment services, resolving long-standing inefficiencies and significantly improving the experience for millions of Canadian users. Supporting over 20 million retail and corporate users, CANACT BillPay is one of the country's largest bill payment services, connecting leading financial institutions to more than 15,000 national billers. With this new feature, financial institutions and billers can now streamline and automate the complex process of managing bill payment corrections, reducing resolution times from weeks to just days. "This is a major step forward in modernizing Canada's bill payment infrastructure," said Yves Denomme, CEO of Dye & Durham Financial Solutions. "By eliminating manual bottlenecks and improving transparency, our automated error correction tool empowers financial institutions and billers to deliver faster, more secure, and more reliable payment experiences to their customers. It's a game-changer for operational efficiency and customer trust." Until now, the bill payment error correction process has been largely manual and cumbersome, relying on phone calls, emails, and faxes that leave resolution times often stretching into weeks or even months. The new automated process offers full transparency, enhanced compliance with regulatory standards, and robust security, while also allowing financial institutions to initiate returns and traces directly within their online systems. As Canada's payments ecosystem continues to evolve, Dye & Durham's enhancements to CANACT BillPay reflect its deep commitment to innovation, regulatory alignment, and empowering institutions with the tools they need to thrive in a digital-first world. Dye & Durham will be showcasing the new enhancements as a part of the 2025 Payments Canada SUMMIT taking place May 6 th to 8 th, 2025 in Toronto. About Dye & Durham Limited Dye & Durham Limited provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate transactions and enables the essential payments infrastructure trusted by government and financial institutions. The company has operations in Canada, the United Kingdom, Ireland, Australia and South Africa. Additional information can be found at
Time of India
06-05-2025
- Business
- Time of India
Investing in crypto becomes easy as Shakepay becomes Payments Canada member
A historic achievement for Shakepay Live Events Regulatory standing and future prospects Shakepay, a Montreal-based cryptocurrency platform, has achieved a significant milestone by becoming the first crypto-native company to be granted membership with Payments Canada . This development positions Shakepay as a key player in Canada's financial ecosystem, allowing it to access the country's core payment infrastructure, including the forthcoming Real-Time Rail (RTR) read: How Mark Carney's rise will affect Canada's crypto industry Founded in 2015 by Jean Amiouny and Roy Breidi, Shakepay initially offered a Bitcoin-loadable Visa card for retail purchases. Recognizing the need for a more comprehensive crypto platform, the company transitioned into a full-fledged crypto exchange, enabling Canadians to buy, sell, and earn Bitcoin. Today, Shakepay serves over one million users across company's journey towards Payments Canada membership began with obtaining investment dealer status from the Canadian Investment Regulatory Organization (CIRO) in early 2025, a process that took over two years. This status was essential for Shakepay to qualify for Payments Canada a member of Payments Canada, Shakepay gains the ability to apply for direct access to the country's payment systems, including the Real-Time Rail. This access will enable Shakepay to offer faster, more reliable payment options to its customers, reducing reliance on third-party intermediaries. However, it's important to note that this membership pertains only to Shakepay's Canadian dollar products and does not extend to cryptocurrency membership also provides the company with a platform to advocate for changes within Canada's payment infrastructure, aligning itself with major financial institutions in the read: Crypto prices today: Bitcoin falls below $94k ahead of Fed decision In addition to Payments Canada membership, Shakepay is registered with FINTRAC, Canada's financial intelligence and anti-money laundering agency, as a money service business. This dual regulatory standing enhances Shakepay's credibility and positions it for future growth in the evolving fintech ahead, Shakepay plans to expand its offerings to include services such as bill payments, direct deposits, and e-transfers, further integrating cryptocurrency into Canada's financial achievement underscores the growing acceptance and integration of cryptocurrency within traditional financial systems in Canada. As the company continues to innovate and expand its services, it remains at the forefront of the fintech revolution in the country.
