Money 20/20 USA 2024: What To Expect
By Kristi Lewis
With the Money 20/20 USA event kicking off today, it’s a great time to think about the future of financial technology and payments, especially in Canada. Two big innovations stand out: open banking and the real-time rail (RTR). Both of these will change how fintechs such as Paramount Commerce operate, benefiting businesses and consumers alike.
Open Banking: More Opportunities
Open banking, also known as consumer-driven banking in Canada, has been a hot topic since the framework received royal assent from the Canadian government.
For companies such as Paramount Commerce, this means offering more personalised payment solutions, simplifying customer onboarding, and improving the overall payment experience. Consumers will gain more control over their financial data, access tailored services, and benefit from increased choice, increasing competition and therefore quality.
Real-Time Rail: Fast Payments
Another exciting development in Canada will be the arrival of real-time rail (RTR). Earlier this year it was reported that the RTR system is set to begin testing in 2025, with industry testing in 2026.
Why is this important? RTR will enable instant payments nationwide, making transactions faster and more efficient for both businesses and consumers. For fintechs such as Paramount Commerce, it offers opportunities for instant settlement, improved fraud detection, and more innovative payment solutions. Consumers will benefit from quicker access to funds, smoother money transfers, and faster bill payments, making real-time payments the new norm in Canada.
What’s Next
As open banking and real-time payments grow, they will work together to create a more consumer-friendly financial system in Canada. Companies such as Paramount Commerce are ready to take advantage of these changes, offering better products, faster services, and a more secure experience.
At Money 20/20 USA, these trends will be key topics, and I’m excited to see how the global fintech community continues to innovate and push boundaries.
Learn more about Paramount Commerce: https://www.paramountcommerce.com
