Payments News

On The Web

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Global

Meridian Set to Launch Its New Digital Bank Called Modusbank

“Meridian has been given the green-light by the Office of the Superintendent of Financial Institutions to move ahead with its new digital bank, Motusbank. The digital bank, set to open this spring, and will allow Canadians to access their bank accounts, investments, and mortgages online, while offering digital customer service from real people. Through Meridian, members […]
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Domains

Modernize your payments: More efficient means lower operations costs

“A Payments Canada study, in partnership with Ernst & Young LLP (EY Canada), quantified the current cost of payments processing for Canadian business to be between $3 billion and $6.5 billion annually. The research looked at current payment processes and identified inefficiencies, such as the manual handling of accounts receivables and payables among all sizes […]
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Deals

Zafin Raises $17.2M in Series B Funding

“Established in 2002 by Al Karim Somji, CEO, Zafin designs customer centric financial services software used by many of the world’s largest financial institutions to power pricing, product and customer strategies. Its solutions enable banks to increase revenue generation, drive customer transparency and aid in regulatory compliance, ultimately enhancing their agility and their ability to […]
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Global

Younger Generations: a Driving Force in Changing Payments

“From the use of automatic and invisible payments to the popularity of apps for tracking spending, a new study released today by Payments Canada reveals that Millennials and Gen Z yearn for easier, more convenient options to meet their changing purchase and lifestyle patterns. These payment preferences should strike a chord with Canadian businesses. The […]
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Global

80 Percent of Merchants in Canada Accept Apple Pay

“During the company’s Show Time event keynote, Apple CEO Tim Cook revealed that 80 percent of retailers in Canada accept Apple Pay. In comparison to other countries, Canada stands in the middle of the pack. In the U.S., for instance, 70 percent of merchants accept the mobile payments platform, while in Australia an impressive 99 […]

On The Wires

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Global

Canadian demands for speed and convenience influencing payments innovation

“The 2017 data show that Canadian consumers are opting for faster and more convenient methods of payment, such as tapping a card or phone at point-of-sale, sending funds electronically through INTERAC e-Transfers, making more purchases online and in-app and leaving traditional forms of payment, like cash and cheque, by the wayside. Businesses too are adopting digital […]
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Global

IBM Canada Joins Payments Modernization Journey As Lead Technology Partner for Canada’s New High-value System

“Payments Canada announced today the selection of IBM Canada as the lead technology partner for Canada’s new high-value payments system, Lynx. IBM Canada will provide combined hosting and system integration services for end-to-end delivery and system operations. This involves delivering security expertise, supporting the new system launch, including the cutover from Canada’s current Large Value […]
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Companies

Alipay and SnapPay Enable Chinese Mobile Payments at FoodyMart

“SnapPay, Inc., a leading provider of secure, cross-border payment solutions, and Alipay, the world’s leading digital payment platform, operated by Ant Financial Services Group, today announced a collaboration that will see Canadian-Chinese Grocery Chain, FoodyMart, accept Alipay’s digital payment platform, enabling consumers to pay in Chinese currency, at all locations, including their newly re-designed, “Alipay […]