Articles

In late 2020, I had the opportunity to engage Canada’s Commissioner of Competition, Matthew Boswell in discussion to gain his perspective about the evolution of Canada’s payments system, and the importance of promoting a competitive marketplace for the benefit of Canadians and the Canadian economy. The second part of this two-part interview will be released next week, January 28, 2021.

Clearly 2020 has been a tumultuous year for consumers, businesses, and the overall economy. Unfortunately, there have been many business casualties linked directly to the Covid-19 epidemic which translate into further issues and challenges for the average Canadian.

In part 1 of this series discussing Canada’s proposed Retail Payments Oversight Framework (RPOF), PayTechs of Canada Executive Director, Doug Kreviazuk, outlined the need for this legislation and its potential to guide Canada into an era of payments modernization. In part 2, PayTechs of Canada Board Chair, Laurence Cooke, looks to provide insight into the concerns surrounding and potential shortcomings of the proposed RPOF legislation.

“In mid-2017, the Department of Finance released a new Retail Payments Oversight Framework (RPOF) in response to mounting pressure to modernize retail payments regulations and the rapid emergence of new, unregulated participants in the broader payments ecosystem. The RPOF was designed to better safeguard the payments system from new risks and enhance the system’s transparency. Under the direct oversight authority of the Bank of Canada, most Payments Service Providers (“PSPs”), historically viewed as either unregulated or under-regulated, would be included under this new regulatory umbrella.”

By Doug Kreviazuk, Executive Director, PayTechs of Canada: For more than two decades, national payments systems around the world have been transforming: transforming their infrastructure and scope of activities.  Numerous countries have used payments modernizations to drive greater efficiencies and, in return, create opportunities for their economies to grow and allow businesses and consumers to reap greater benefit.

By Everlink Payments Services & PayTechs of Canada Member, October 2020: The year 2020 will go down as a year to remember, but not necessarily for the good things. The measures put in place to control the COVID-19 pandemic have wreaked havoc on the economy and have had a major impact on the confidence, income, and expenditure of Canadians.

Have you ever wondered how our payments system could be improved to service our individual lives better? Wonder no more, and simply look at the new emerging payment-related services available across Europe, Asia, Australia and Africa. Whether seeking financial advice, budget services or integrated inventory controls, the options abound.

By Doug Kreviazuk, Executive Director, PayTechs of Canada: For PayTechs operating in Canada, the business challenges surrounding gaining direct access to the national payments system seem to be significantly greater than those in many other national jurisdictions, resulting in adverse consequences for Canadians.

By Doug Kreviazuk, Executive Director, PayTechs of Canada. Recently, I had the opportunity to pose a series of questions to the new CEO for Payments Canada, Tracey Black. 

By Doug Kreviazuk, Executive Director, PayTechs of Canada. Recently, I had the opportunity to pose a series of important questions to the new CEO for Payments Canada, Tracey Black.