Business Plan 2020

Summary

Still in its first year of operation, the PayTechs of Canada association has made a number of strides in the first six months, establishing itself as a learned and respected participant in Canada’s payments marketplace.  That said, there remains a large number of critically important issues and activities that must be completed within the 2020 calendar year that will best guarantee the success of the association. The priority activities for this year will bring about significant added value to PayTech firms and every Canadian and Canadian business that comes to rely on their services.

2019 Achievements

  • Launched PayTechs of Canada in May 2019
  • Obtained seed funding and membership fees of nine founding members, providing sufficient funding to support operations for two years
  • Co-sponsored the release of the Canadian PayTech Landscape report with FGS in the summer of 2019
  • Retained an Executive Director in September 2019
  • Established Board Strategic Priorities in October 2019
  • Launched an active government relations effort with focus on the Department of Finance and Bank of Canada in October 2019
  • Prepared and released a summary of the Retail Payments Oversight Framework and its likely impact to PayTechs for member and potential member consumption
  • Initiated a PayTech membership drive, with supporting collateral, social media engagement in December 2019
  • Drafted 2020 PayTechs of Canada Business Plan for Board consideration, December 2019

2020 Deliverables

Priority Activities for 2020

Advocacy and education 

  • Establish and nurture relationships with Offices of the Ministers of Finance and Innovation, Science and Economic Development. 
  • Arrange GR engagement meetings with key policy-making departments and agencies to raise awareness of PayTechs of Canada and highlight the current legislative and regulatory impediments to enhanced participation in  the payments system.
  • Engage the Commissioner of Competition regarding the unnecessary entry and participation barriers to today’s payments system.
  • Establish an association Industry Policy Review committee to advise the PayTechs of Canada Board on matters of policy/operation.

Research initiatives

  • Refine and finalize the PayTechs of Canada “Research Agenda” for 2020.
  • Award “Payments Innovation” research contract for completion by Q2/20.
  • Initiate the preparation and release of the second research contract for Q3/20.

Membership growth

  • Finalize and gain Board approval of PayTechs of Canada Membership strategy and fee schedule.
  • Set out a high-level membership plan and commence discussions with at least 50 PayTech firms.
  • Plan and launch an information program leveraging the resources of PayTech legal firms in Toronto and Montreal. One information session to be completed by end of Q1/20.

Thought leadership

  • Finalize and gain Board approval of PayTechs of Canada Membership strategy and fee schedule.
  • Set out a high-level membership plan and commence discussions with at least 50 PayTech firms.
  • Plan and launch an information program leveraging the resources of PayTech legal firms in Toronto and Montreal. One information session to be completed by end of Q1/20.

Stakeholder relations

  • Complete a high-level stakeholder mapping exercise: Commence identification of stakeholder’s major issues with the payments system and document the various points of friction.
  • Develop a high-level “Key” Stakeholder engagement plan and launch activities.
  • Seek to establish industry support from the retail/consumer industry associations for PayTechs of Canada activities.

Contingency planning

  • Commence a policy/rules engagement with private payments systems to investigate opportunities for an enhanced role for PayTechs (i.e., payments initiation).
  • Develop an annual business plan. 
  • Identify the critical milestones needed to support the continued operations of the association.