Streamlining supply chain payments
By Patrick Bermingham A surprising number of organizations across Canada still rely on traditional payments methods and paper invoicing to pay their suppliers. As recently as 2017, cheques were the most commonly used payment method for both enterprise-scale corporations and SMBs (small to medium businesses), with 70 per cent of …
The case for adopting ISO 20022
By Edgar Barbosa Businesses that are looking to keep up with the information demands of this transformative age need to evolve their payments capabilities. The ability to capture and consume greater volumes of more detailed data can provide companies with the leverage they need to create differentiation in the market. …
Unifying mobile and payments cards
By Thomas Rex Canada has embraced the mobile revolution. With smartphone penetration at 72.1 per cent (the global average is just 32 per cent)1, it’s also one of the few countries globally to accept the three major “OEM Pay” platforms: Android Pay, Apple Pay and Samsung Pay. Offering convenience, “cool” …
There’s a new token in town
By André Stoorvogel The way we pay is changing. Consumers are now using their PCs, smartphones, wearables, cars and even refrigerators to buy goods and services. The size and value of the Canadian card-not-present (CNP) market is therefore increasing as payment use cases across digital commerce (e-commerce, m-commerce, Internet of …
Making payments acceptance simpler
By Vincent Alimi Over the past several years, the emergence of new payment systems has made it considerably easier and faster for businesses and consumers to send and receive payments. Digital banking tools have made it possible to transfer funds online or through mobile banking apps directly to people you …
Financial inclusion with voice banking
By Henrique Godinho When Amazon’s Alexa made its Canadian debut in November 2017, experts were quick to speculate about what voice-activated technology could bring to the banking industry. What emerged was early experimentation towards the integration of voice applications into general banking operations, like verbally disseminating branch hours, locations and …
Cashless payments: there’s an app for that
By David Morrison Faithful churchgoers in the Jarna-Vardinge parish in Sweden no longer toss coins and bills into the collection basket. Rather than reach into their pockets for money, church attendees are apt to pull out their iPhones to make donations. Sweden, whose citizens have difficulty obtaining cash from institutions …
Four disruptive payments trends to watch
By Jason Mugford The global payments industry is due for an overhaul. Last year was a record year for investment in the global FinTech sector. More capital was raised in the first half of 2018 than the record total in 20171 and the pace of change will continue to accelerate …
Small businesses’ payments modernization growing pains
By Dan Kelly The way Canadians make and accept payments is changing quickly. From Apple Pay to Square, PayPal or Interac e-Transfer, the choices are growing. Moving away from cheques Yet business to business (B2B) transactions for smaller firms are still dominated by paper invoices and cheques in the mail. …
How banks can maximize loyalty/rewards programmes
By Kathryn Argiriou In Canada and globally financial institutions have always operated in an environment of rapid change and uncertainty. New and evolving banking models are being driven by changing consumer needs, increased regulation, new types of competitors and innovations in technology. More specifically, players within this space are facing …