- BC Business
On May 31, 2018, more than 70 ecosystem leaders gathered in Vancouver to discuss Canada’s Modernization efforts, with focus on the advantages that the new 6:00 pm (PT) exchange window, being introduced this fall, will enable for businesses in British Columbia.
Hosted by AdvantageBC, with the support of the Business Council of British Columbia and the Digital Finance Institute, the sold-out Payments Canada Forum – Extended Payment Settlement Hours agenda featured a presentation from Justin Ferrabee, Payment Canada’s Chief Operation Officer followed by an interactive panel and audience discussion.
“The introduction of a third exchange, closing at 6:00 pm (PT) supports a more favourable environment for businesses in British Columbia to compete in a changing global marketplace while also enhancing Canada’s position to capture future business opportunities in Asia,” said Colin Hansen, President and Chief Executive Officer, AdvantageBC.
“In 2016, we shared a report with Payments Canada with the objective of fostering support for the extension of payment settlement hours in Canada. To see this idea now be a reality demonstrates the impact our combined efforts can have on shaping Canada’s future and leadership.”
The common theme shared by the panel participants was optimism for what the future holds, with one panel participant repeatedly calling Canada’s Modernization efforts a “game-changer’ for our country. The panel featured: Greg Kent, Royal Bank of Canada, RBC Treasury Solutions Specialist; Jean Hope, Director, Financial & Banking Relations, BC Ministry of Finance, Banking & Cash Management Branch, and Michael Gokturk, Einstein Exchange, Chief Executive Officer. As a close to his remarks, Michael Gokturk heralded seamless collaboration across the ecosystem as a key driver for Canada’s global competitive advantage.
Payments Canada thanked AdvantageBC for their invitation to participate at the May 31 forum, and also their facilitation of roundtable discussions with some of their business members the day before. Hearing about the current pain points in today’s payments interactions and ideation of future use cases such as how automation will support end-to-end retail operations, real-time payments finality will support in-the-field payments and access to rich data will drive back-end reconciliation efficiencies confirms Canada’s ambitious initiative is on track to be a game-changer.