Jeremy Wilmot’s keynote at the Payments Canada Summit outlined a clear call to modernize Canada’s payments ecosystem, framing it as a matter of economic sovereignty, speed, and trust.
He highlighted a critical gap in the current system: payment fees and transaction data generated in Canada are often captured and monetized خارج the country. This, he argued, weakens domestic financial institutions and limits Canada’s ability to leverage its own economic data. He positioned data as a strategic national asset and emphasized the need to retain both value and control within Canadian borders.
Wilmot’s vision is a domestically governed, real–time payments system where businesses receive funds within seconds, retain more value per transaction, and operate on Canadian infrastructure. In this model, transaction data remains in–country and is used to enhance fraud prevention and value–added services, strengthening trust and transparency across the ecosystem.
He underscored trust as a key enabler, noting that verified identities and transparent payment flows reduce fraud and increase confidence. Interac’s evolving role–particularly through its “One Network” concept and the launch of Interac Connect–was positioned as central to building this secure, sovereign infrastructure.
Recent regulatory and policy developments, including the federal budget, open banking initiatives, and progress under the Retail Payments Activities Act, were identified as catalysts. However, Wilmot warned that initial momentum is fading and must be actively sustained through continued investment and coordinated industry effort.
The Real–Time Rail (RTR) was presented as a foundational capability rather than a complete solution. Early adoption signals–such as 81% year–over–year growth in account–to–account request–to–pay via e–Transfer–demonstrate strong demand for faster, frictionless payment experiences.
Using the example of a small business owner, he illustrated how delayed payments and uncertainty constrain growth, while instant, trusted payments unlock better cash flow, faster decision–making, and increased investment. At scale, enabling hundreds of thousands of businesses with such capabilities could significantly boost Canada’s digital economy.
Key Takeaways and “What Next”
- Treat payments as strategic infrastructure: prioritize domestic control over payment rails and transaction data.
- Accelerate Real–Time Rail (RTR) adoption: position it as the backbone for instant, account–to–account payments.
- Sustain policy momentum: align industry action with federal initiatives (open banking, RPAA, modernization agenda).
- Expand account–to–account and request–to–pay models: build on demonstrated demand and scale business adoption.
- Strengthen trust layers: invest in identity verification, fraud prevention, and transparent payment experiences.
- Support Canadian innovation (e.g., Interac Connect): drive solutions that keep value, data, and governance within Canada.
- Enable SMEs: focus on reducing payment friction to unlock cash flow, hiring, and reinvestment at scale.
Overall, Wilmot’s message was pragmatic: Canada already has the building blocks, but realizing digital prosperity requires deliberate execution, sustained collaboration, and a shift toward sovereign, real–time payment infrastructure.
