The 2024 Payments Canada SUMMIT wrapped up a dynamic three-day event at Toronto’s Beanfield Centre, leaving delegates inspired and equipped to navigate the evolving payments landscape. Held from May 29 to May 31, the event featured top thinkers, leaders, and innovators in the payments industry, who shared insights and discussed future trends.
Kristina Logue, Co-CEO (Interim) and Chief Financial Officer at Payments Canada, set the tone on the first day with a powerful message about the collective role in shaping Canada’s payment future. “This is the place. Right here. Right now. No matter who you are or the role you play, this is a collective, this is a community, and we are all here to make a stronger future in payments for Canada,” she stated.
Laurent Duvernay-Tardif, Super Bowl Champion and Medical Resident, delivered a keynote address that captivated the audience with his story of resilience, teamwork, and leadership—essential traits for transformative success in the payment industry.
Jeremy Wilmot, the new President and CEO of Interac Corp., spoke about embracing the “open era” in Canada to maintain global competitiveness. A significant panel discussion on financial stability and innovation featured Sarah Paquet (CEO of FINTRAC), Leah Anderson (President and CEO of Canada Deposit Insurance Corporation), and Supriya Syal (Deputy Commissioner, Financial Consumer Agency of Canada). Anderson highlighted that “Innovation and regulation go hand in hand. Regulation provides guardrails for innovation, which enhances consumer confidence.” The Ideas Exchange stage hosted a session on equity in transit payments, led by Daniela Aubry from Metrolinx, focusing on enhancing equity, access, and inclusion.
On the second day, Matthew Parker-Jones’s session titled “Canada at a Crossroads” discussed the collective responsibility to ensure a vibrant payments environment. He stressed the need for collaboration, risk-taking, and execution with excellence to drive growth and innovation. Ron Morrow from the Bank of Canada explored the evolution of the Canadian payment ecosystem and upcoming changes to retail payment supervision.
Daniel Vallance from RBC highlighted the collaboration between banks and fintechs, emphasizing innovation coupled with cost savings and the shift towards a hybrid model in core infrastructure modernization.
The final day featured Abraham Tachjian of PwC Canada addressing the future of open banking in Canada, highlighting the road to its implementation.
Ramesh Jayakrishnan of MasterCard discussed the increasing demand for transparent, cost-efficient, real-time cross-border payments. He led a panel on solving pain points in the international money movement and developing new payment products and services.
A panel on Canada’s Real-Time Rail (RTR) with Mike Cook from IBM, Jeff Henderson from Interac Corp., Rob Mayer from CGI, and Jude Pinto from Payments Canada discussed the made-in-Canada approach to delivering RTR. R. Andrew Gómez emphasized the importance of preparing for RTR, modernizing back-office processing, and educating stakeholders about instant payments.
The summit provided a platform for robust discussions and networking, leaving attendees with a shared vision for the future of payments in Canada.
