Everyone is smarter than anyone: Collaboration is key to addressing payment market needs
Reflections from Ryan Grundy, host of The SUMMIT Series.
AUTHOR
Ryan Grundy
Lead, Ecosystem Management
Ryan Grundy manages Payments Canada relationships with non-financial institution players in the Canadian payment ecosystem, including fintechs, large corporations, small and medium-sized businesses, the government as a payment user and consumers.
On February 4, I hosted The SUMMIT Series, a forum hosted in the lead-up to The SUMMIT designed to engage the payment ecosystem in conversations on today’s most relevant payment topics. Below, I share my reflections on some of these topics, which were featured in our discussion centered around the role of payment innovation in supporting a vibrant economy by enabling new payment products, services and systems that drive value for Canadian businesses and consumers.
Panelists included Sophia Cote, Head of Policy and Communications at Shakepay, Ben Isaacson, SVP, Product Strategy at The Clearing House and Payments Canada’s own Chief Payments Officer, Donna Kinoshita. My biggest takeaway from the engaging discussion: Collaboration is the key to addressing evolving market needs safely. As Ben put it so eloquently, “Everyone is smarter than anyone,” a theme that ran throughout each of the topics explored.
The first topic being regulation. 2024 was a banner year for modernizing payment regulation in Canada. Amendments to the Canadian Payments Act (CP Act) to expand Payments Canada’s membership eligibility received royal assent and provisions pertaining to the Bank of Canada’s powers in administering the Retail Payments Activities Act (RPAA) came into effect. These critical milestones represent an industry-wide effort to support more collaboration, competition and safe innovation in payments. As Sophia pointed out, these changes indicate that fintechs are being brought into the fold. That comes with opportunities to “compete better, scale better and innovate more,” meaning more choice and inclusion for consumers. On a related note, Payments Canada has released a public consultation on membership expansion, which I encourage you to participate in before the deadline of March 6, 2025.
The discussion shifted toward the adoption of innovative technologies, services and systems. Top of mind for our panelists: Real-time payments. The Clearing House launched RTP in 2017. On January 31, 2025, they reached one billion payment transactions. Ben shared his perspective on what was needed to achieve this level of adoption. He emphasized how important it is to identify and understand the consumer problems you are solving, how consumers live their lives today and how they can be different. This insight comes from deep research and collaboration with end users, then leveraging those findings to inform and adjust your approach to driving adoption.
Real-time payments are a key priority for Payments Canada. We are making substantial progress toward delivering a ‘made for Canada’ real-time payment system, the Real-Time Rail (RTR). As Donna shared, the Canadian payment ecosystem is incredibly complex and the only way to successfully move forward in this market is through collaboration and alignment. Further, the introduction of faster, final, irrevocable payments, coupled with expanded access, makes us think extremely carefully about safety and security. That’s why Payments Canada is taking a team Canada approach to the delivery of the RTR, including centralized fraud services on day one.
Panelists emphasized the need for industry-wide collaboration and alignment toward consumer education around fraud and security risks, including awareness of how to identify scams. The complexity of the payment landscape also makes it difficult for Canadian consumers to understand payment trends and how or why specific innovations may benefit them and their businesses.
Finally, we touched on the opportunities partnerships bring to the payment market. As our panelists highlighted: No single player can keep up with the pace of change alone and no one company can create everything required to innovate payments. The panelists agreed that by collaborating, we can best leverage our own and each other’s strengths and resources, ensuring faster, more efficient and more encompassing innovation in the payment landscape.
This overview provides just a snapshot of our discussion, so I encourage you to watch the recorded version. I also encourage you to join us in Toronto, from May 6 to 8, at The 2025 Payments Canada SUMMIT, where we’ll continue the discussion around collaboration and the future of payments in Canada. You can also attend Sophia’s panel, The convergence of fintechs and digital assets in Canada, which will explore the integration of digital assets like cryptocurrencies and tokenized securities into fintech service offerings. Use my promo code, SUMM25PCVIP to save $100 on your ticket.
I look forward to seeing you there.
