Banking

The Canadian payments ecosystem is at an inflection point

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As the payments ecosystem in Canada continues to expand and evolve, IBM is looking forward to participating with industry leaders, innovators and challengers at the upcoming Payments Canada Summit, taking place in Toronto on May 14-16, 2019. With Canada’s comprehensive payments transformation in full swing, and with many new developments, players and recent announcements shaping the future of payments in Canada, the Summit will be abuzz with an array of topics, engaging sessions and thought-provoking conversations.

While the advances in payments modernization have been notable, the path ahead is even more exciting for the industry. In a number of areas, further education is necessary, additional trust and security is required, advances in payments technology are evolving, and real time payments are still needed. Enter the Payments Canada Summit, described as “the ideal meeting point for the Payments community to come together to understand the future-state of Payments,” and IBM is thrilled to be involved.

IBM is center stage at the Summit
As a company that has led payments modernization projects across the globe, IBM is also playing a major role in the transformation of the payments ecosystem in Canada. In 2018, IBM launched the IBM Payments Centre – Canada, a cognitive payments platform built on the IBM Cloud that enables all ecosystem participants to innovate and collaborate freely. It enables clients to quickly add value, stability and compliance to their operations and deliver secure real-time payments while significantly reducing costs. This platform was launched specifically to address the hard realities of payments modernization, and to turn them into opportunities. The platform is already working with a number of clients to do just that. IBM was also recently announced as the selected Payments Canada lead technology partner for Canada’s new high-value payments system Lynx.

I’m looking forward to the Summit as there are many outstanding speakers lined up for this event. One that stands out for me is Sir Tim Berners-Lee, who invented the World Wide Web thirty years ago. This invention has profoundly changed the way we live, work and communicate, and it is great to learn what his vision was, how it has played out from his perspective, and how he sees the future.

Security at the forefont
A major challenge of our times is security, with cyber-attacks getting easier, more sophisticated and faster. And this is increasingly vital, especially in a world where everything is becoming a computer. As a keynote speaker, Bruce Schneier, CTO of IBM Resilient and a Special Advisor to IBM Security, will speak on the topic of IoT Security. Bruce has been called a “security guru” by The Economist. As the author of 15 books – including the New York Times best-seller “Data and Goliath: The Hidden Battles to Collect Your Data and Control Your World” – as well as hundreds of articles, essays and academic papers, Bruce will no doubt have very interesting perspectives on this topic.
Real-time payments and banks’ ongoing digital transformation are creating unprecedented opportunities for the bad guys and pressuring banks the world over with increased losses and brand erosion. Payment fraud has become a world-wide $20B per year problem and is growing. The Summit delegates will have the opportunity to hear from IBM Director and CTO, Safer Payments, Constantin von Altrock, who in his keynote address will draw on IBM’s experience in protecting real time rails around the world, and discuss how Canadian payments participants can better defend themselves against fraud and protect their customers.

In a deeper dive breakout session on the same topic, Constantin will be joined by Rick Hoehne, Global Leader, Counter Fraud and Financial Crimes, IBM to address the challenges and solutions to better defend emerging digital channels, digital onboarding and multi-channel fraud, expand on real-time fraud prevention and protecting the consumers and banks in the digital age.

Chae An, CTO, Global Financial Sector at IBM, will speak about the journey to cloud for payments. Chae is providing architectural guidance and strategy on new technical innovations such as blockchain, digital transformation and open banking with APIs relevant for financial services clients.

It will be interesting to hear from Jim Marous who is also speaking on a very interesting topic. He is an influencer and a futurist, and his talk will inspire bankers to digitally innovate like Uber, Airbnb, Amazon, Apple, Tesla and others who have set the bar high on digital innovation.

Join us!
These are just some of the speakers who will be making the Canada Payments Summit a great event to attend and I hope you can join me.

For more information on the Payments Canada Summit including speakers, agenda and registration information, visit the event website.

To explore a variety of other related topics, visit IBM’s Payments and Transactions global blog, as well as our global Payments and Transactions webpage. Learn more about IBM Safer Payments and fraud detection technology here.

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