Payments Business Magazine Sept/Oct 2015

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also in this issue:

❱ Vertical Market Events and entertainment – simpler payment solutions

❱ Technology Update Leveraging analytic technology

2015 WOMEN IN PAYMENTS

AWARDSCelebrating this year’s influential women in payments

Mobile technologyChanging technology brings new options to the mobile space

The Merchant’s Guide to Transactions, Cards & eCommerce

3 September/OctOber 2015 pAYMeNtSBUSINESS

TAbLE Of CONTENTS

4 News 22 events

COLUMNS & DEPARTMENTS

FEATURES

8Could better Payouts Help The Sharing Economy Grow?Increasing contractor retention by improving the payout process

11The Evolving Technology of Device-based Payments Wearables will change the way we pay …

September/October 2015 Volume 6 Number 5

Editor Karen Treml [email protected]

Publisher Mark Henry [email protected]

Contributors Kevin Deveau; Nicolas Dinh;

Mike Kelso; Dave Lewan; Nicholas Raffin; Michael Ting

Creative Direction Jennifer O’Neill [email protected]

Photographer Gary Tannyan

President Steve Lloyd [email protected]

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Next issue…NOv/Dec – Industry Forecast. Following a year of payments advances, as we move toward 2016,

where is the payments industry headed?

sooner than you expect

14The Splintering Payments MarketNew options are coming to the retail payments market

REGULAR COLUMNS

16YOUR bUSINESSClosing the gap on customer satisfaction

drives future behaviour

18TECHNOLOGY UPDATECybercrime: Leveraging the analytic technology that is currently applied to fraud security

38VERTICAL MARKETEvents and entertainment – Canadians want digital solutions for a simpler summer

AWARDS GUIDE232015 WOMEN IN PAYMENTS AWARDSCelebrating this year’s influential women in payments


NEWS

Canadian Payments Association launches initiatives to support modernization of Canada's payments systemThe Canadian Payments Association (CPA) announced today two key initiatives to support its multi-year project to modernize Canada's core payments infrastructure. The CPA has begun a process to create a shared industry vision for the future of payments, and at the same time, is launching a public consultation on the introduction of a new global payments messaging standard.

As an important step towards the modernization of the core national payments system, the CPA, in consultation with members and stakeholders, will develop a shared vision for the future of the Canadian payments ecosystem. This will ensure that the CPA can anticipate the industry and society's changing needs and position itself to enable innovative products and services.

The CPA has retained a global consulting firm, McKinsey & Company, to conduct stakeholder interviews and prepare a fact-based analysis to support this visioning exercise.

The CPA released today a public consultation document , seeking input on the introduction of the ISO 20022 standard, which, when implemented, will enable efficiencies and facilitate innovation in the payments industry in Canada. A global payments messaging standard that supports the evolving demands of users will form an integral part of the modernization of the CPA's payments infrastructure.

"The two initiatives launched today are critical steps in the plan to modernize Canada's payments system," said Gerry Gaetz, President and CEO of the CPA. "While Canadians today enjoy and benefit from a safe and sound financial system, changing user needs, along with new technological and regulatory drivers, are exerting pressure on the payments system. In this environment, it is essential that the CPA evolve to support the expectations of Canadians in the digital age."

More information about the modernization project is available at www.cdnpay.ca.

PayPal collaborates on POS solutionBouncepad, a London-based tablet manufacturer specializing in POS technology, has teamed up with PayPal, joining their payment products together to create a contactless solution for SMEs and consumers.

The partnership agreement enables Bouncepad’s PayPal tablet enclosure and custom card reader cradle to be purchased alongside the new PayPal Here card reader.

Once small business owners have registered with PayPal Here, they can use the products to start accepting contactless payments from their customers.

Currently the contactless payment limit is set at £20, but plans are in place to raise the limit to £30, helping SMEs increase their profits while making it easier for customers to pay for goods.

Small business owners have already started using POS products, but many products are accompanied by the hassle of expensive costs, software licenses, long-term contracts and card payment processing fees. The Bouncepad solution claims to be cheaper and more accessible for small businesses in the UK.

“We’re excited to extend our long-standing relationship with PayPal to continue helping small businesses innovate their POS systems,” said Tobi Schneidler, CEO of Bouncepad.

“Working together, we’re able to offer a sophisticated tablet POS solution that helps small business owners across industries like hospitality and retail make it simple and affordable to join the contactless payment revolution.”

Samsung introduces Samsung Pay on TVSamsung has developed a new way for consumers to pay for entertainment media directly through their TV sets. Called Samsung Pay on TV, it supports major credit cards, debit cards, PayPal as well as other mobile billing options.

After the initial registration set-up, Samsung says payments can be made in three steps: first you choose the product you want to buy, then you click ‘Pay Now’ button and finally enter a four-digit PIN.

Additionally, Samsung mobile device users can easily transfer their Samsung account information and registered payment methods (credit card, debit card, PayPal) to the Samsung Smart TV without additional registration steps.

Samsung teamed up with PayPal to offer a fast payment process, and PayPal users can expect the same level of sophistication when it comes to keeping their financial information secure as they do on a PC or mobile device.

In addition, personal and sensitive information is safeguarded through Samsung’s Secure Keyboard – the world’s first secure virtual keyboard and input mechanism on a TV – when entering credit/debit card information or PayPal password.

to send press announcements, please direct them to Karen treml, editor, at [email protected]


NEWS

bitnet, Zooz enable merchants to accept bitcoinBitnet, an enterprise Bitcoin payments processor, and Zooz, an industry-leading payments platform provider, today announced a strategic partnership that will enable merchants to accept Bitcoin as a payment method on the Zooz payment platform.

Bitcoin is a digital currency that allows merchants to accept payment from anyone anywhere in the world at low cost and with no chargeback risk. Its reach, coupled with the ability to address points of friction in traditional payments networks, has led to a surge of interest in Bitcoin in recent years.

Zooz’s payments platform offers enterprise merchants the flexibility to connect with multiple financial institutions, seamlessly integrate acquirers, e-wallets and alternative payment methods, and intelligently route transactions between multiple financial institutions, fraud management and other third-party services. The platform enables merchants to maximize acceptance rates across all sales channels and geographies.

Zooz customers will be able to add Bitcoin as an option to their checkout pages quickly and easily. Bitnet will enable Zooz’s customers to accept payments in Bitcoin without being exposed to the risk of fraudulent transactions or any volatility in the price of Bitcoin.

“We have seen the growing interest in digital currencies among our customer base and are excited to partner with Bitnet to add Bitcoin to our service offering,” said Nathan Jackson, VP Europe, Zooz. “We selected Bitnet as a partner due to their advanced platform, integrity of its team, in addition to demand from some of our key customers for Bitcoin payments.”

How America pays in 2015Shoppers are using a larger variety of payment options with digital and mobile payments serving as supplements to the traditional cash and card-based payments tools, according research released by Blackhawk Network.

The research, “How America Pays in 2015: Traditional, Digital and Mobile Convergence in Payments,” surveyed more than 1,000 Americans to examine how they pay today, their preferences for traditional and emerging payments tools and how safe Americans believe different payments tools to be. An infographic detailing the payments research can be viewed for free here.

“Consumers still have a strong preference for traditional payment methods like debit cards and prepaid cards. Those payments tools are not going away anytime soon, even as interest in and usage of new payment methods grows,” said Teri Llach, chief marketing officer at Blackhawk Network, a pioneer of prepaid gift cards, payments tools and rewards delivered via a robust and convenient network. “Our findings prove that payments is not either/or when it comes to legacy payments versus emerging products; it’s really about convenience and providing a mix of options.”

Key findings from the Blackhawk Network survey revealed:Cash, checks, cards still the most used payments methods with select digital offerings close behind: Shoppers used the following payment methods over the last year:

Ninety-three per cent used cash•Sixty-eight per cent used debit cards•Sixty-eight per cent used checks•

Sixty-seven per cent used credit cards•Sixty-two per cent used PayPal•Forty-eight per cent used retailer •gift cardsForty-five per cent used Visa or •MasterCard gift cardsThirty-three per cent used prepaid •debit cardsFourteen per cent made mobile •payments on smartphones or tablets

New payment methods growing, cash and checks declining: Sixty-eight per cent of mobile payment users report that they are using the alternative payment methods more than last year. Cash and checks saw the greatest declines in use overall.

Gift cards’ popularity is significant: Eighty-seven per cent of consumers surveyed think merchant-specific gift cards are convenient to use, even higher than bank-connected debit cards (82 per cent). Additionally, gift cards are now mainstream payment methods with almost half of consumers (48 per cent) using them in the last year.

Mobile wallets now used by 25 per cent of smartphone owners: What do consumers place in their mobile wallets? Sixty-four per cent of users have debit cards in their mobile wallets, 58 per cent have credit cards and 45 per cent have gift cards.

Cash, cards considered most convenient payment methods; checks and bitcoin least convenient: When asked to select the most convenient payment methods, consumers selected cash (93 per cent), credit cards (92 per cent), PayPal (90 per cent), and retailer-specific gift cards (87 per cent). Ranking most inconvenient were bitcoin and checks.

For breaking news and in depth features, visit our website at

www.paymentsbusiness.ca


NEWS

Ethoca secures growth equity investmentEthoca, the industry standard for collaboration-based technology solutions that help card issuers and online merchants increase card acceptance and stop ecommerce fraud, has announced a USD $45 million minority growth equity investment led by Spectrum Equity.

Ethoca has achieved strong growth – including more than tripling its revenue in 2014 – by solving a significant problem in the ecommerce fraud prevention and card acceptance marketplace. Card issuers and merchants typically make decisions in isolation about which ecommerce transactions to accept or decline due to suspicion of fraud. Without sharing this vital intelligence, both parties make incorrect decisions. The result is unnecessarily lost revenue, completely avoidable fraud losses, and dissatisfied customers who are either wrongly turned away or forced to endure the inconvenient, disruptive chargeback process. Ethoca’s collaboration platform and alerting technology is a simple and highly effective solution that helps card issuers and merchants each stop fraud that would otherwise go undetected by the other party, increase acceptance on good transactions that would otherwise be wrongly rejected due to suspicion of fraud and improve customer satisfaction.

The first service Ethoca launched on its collaboration platform – Ethoca Alerts – is a faster, more cost-effective and customer friendly alternative to the chargeback process. It provides an early warning on fraud and disputes that have already been confirmed by cardholders, giving merchants the opportunity to stop fraud, halt the delivery of goods and service, and issue refunds to avoid impending chargebacks. Card issuers who use the service benefit by avoiding chargeback processing costs and recovering fraud losses – including 3D Secure and low-value transaction write-offs – much more quickly, easily and inexpensively than ever before.

Participation in Ethoca’s global network is accelerating. Customers include seven of the

top ten ecommerce merchants, the world’s largest digital goods brands, more than 80,000 enrolled merchant descriptors and 30 card issuers worldwide – including seven of the top nine U.S. issuers, 12 in EMEA (including eight in the UK), seven in Canada, a top five card issuer in South Africa and a top three card issuer in Australia. In addition, Ethoca’s rapidly developing relationships with card issuing service providers add more than 500 U.S. credit unions to the network. Continuing global expansion will take the Ethoca Network into many new territories in 2015 and 2016, including Germany, Spain, Portugal, Turkey, China, Southeast Asia, New Zealand, South Africa, Brazil and Mexico.

“We are excited to have Spectrum Equity working alongside Ethoca to help accelerate the next phase of our global expansion and the delivery of new collaboration-based services to meet growing customer demand,” said Andre Edelbrock, CEO & Co-Founder of Ethoca. “Importantly, Spectrum supports our mission of reaching what we call ‘maximum acceptance’ – a place where good customers are never turned away and everyone benefits from the financial rewards that result when ecommerce can simply be about commerce.”

“We have long been impressed by Ethoca’s standard-setting, collaboration-based approach to tackling ecommerce fraud,” said Spectrum Equity Managing Director Christopher Mitchell, who led the firm’s investment and has joined Ethoca’s board. “The Ethoca team has accomplished the rare feat of creating an entirely new, global ecommerce collaboration platform outside of the traditional card networks.”

“With payment card fraud a $13.9 billion problem globally, Ethoca is well positioned to build on its strong track record of issuer and merchant growth in this arena while further expanding the range of collaboration-based services it offers,” added Larry Klane, co-founding principal at Pivot Investment Partners, who also recently joined Ethoca’s Board of Directors.

TD bank, MasterCard partner to drive innovative payment solutionsTD Bank, America's Most Convenient Bank, has announced an agreement with global payments technology company MasterCard to route debit and prepaid card transactions over MasterCard's Maestro network. Through the agreement, MasterCard will process TD Bank's debit card and prepaid card PIN transactions. This initiative extends MasterCard's worldwide presence and breadth of services to TD Bank customers including tokenized transactions, leveraging technology that provides a higher level of security for customer debit and prepaid cards.

"At TD Bank, we're focused on providing the highest level of service to our customers and driving innovation to our customers faster," said Ryan Bailey, Head of Deposit Products, Payments and Non-Real Estate Lending at TD Bank. "Through our partnership with MasterCard we will be able to provide our customers with access to advanced payment solutions and services quickly and efficiently."

“We are delighted to extend our network to TD Bank, as well as explore opportunities to bring the latest innovation to TD Bank customers,” said Chris McWilton, president, North America, MasterCard.

This agreement will take effect in the beginning of 2016 and will bring TD Bank a platform to deliver robust payment options to their customers in an ongoing manner.

.ca

Could Better Payouts help the sharing economy Grow?How marketplace companies can increase contractor retention by improving their payout process.


MObILE TECHNOLOGY

by michael tiNg

Perhaps you’re already aware, but the sharing economy – or the

collaborative economy, or the gig economy, or the on-demand economy – is kind of a big deal. Though it goes by many names, the premise is always the same: sharing and reusing excess resources gives consumers more options and offers new opportunities for entrepreneurial-minded individuals – the drivers, the taskers, the hosts, and so on. Why stay at a hotel when you can rent someone’s guest room for half the price? Why buy a car when you can spend just a fraction to borrow one from a neighbour?

It might have sounded strange ten years ago, but individuals today are increasingly willing to cut out the corporation and get what they need from one another. With major business media outlets running headlines like, ‘Why the Collaborative Economy is Changing Everything’, and, ‘The Sharing Economy is Here to Stay’, it wouldn’t be unreasonable to suggest that we’re witnessing a significant revision of traditional economic arrangements. And those media outlets are right: the industry statistics on the sharing economy are staggering. A 2014 study from PwC concluded that the total revenues from the five most prominent sharing economy sectors – peer-to-peer finance, peer-to-peer accommodation, online staffing, car sharing, and music/video streaming – could jump from $15 billion today to $335 billion by 2025. The pace of growth amongst industry leaders certainly doesn’t give us any reason to doubt that forecast: for example, in 2010, the ridesharing firm Uber was operating in just

San Francisco, Palo Alto, and New York; now it’s in upwards of 290 cities across 50 countries with a valuation of somewhere around $50 billion.

Growing painsAs with any rapidly expanding industry, though, the sharing economy is experiencing some growing pains. Most notably, perhaps, are the regulatory issues. Anyone who has followed the rise of Uber knows that they’ve experienced mounting legal issues as their service has rapidly expanded around the globe. A simple Google search on the sharing economy reveals that this problem is far from unique.

Regulations aren’t the industry’s only headache, though. From the beginning, the sharing economy has struggled to find an efficient method of distributing compensation to its workforce. Sending high volumes of low-value payments is a hassle for any company, but especially for those whose rapid growth threatens to outpace their administrative capacity. The issue is amplified as these firms expand globally and need to send payments to an increasingly dispersed international workforce. Foreign exchange, wire transfer fees, international and regional regulations, languages, currencies – the list of frustrations goes on. Although some companies have developed competent responses to this growing challenge – typically by cobbling together workarounds through an array of third-party providers and integrations – the sharing economy still hasn’t adopted a simple, cohesive solution to the outgoing payments problem. Existing methods of paying on-demand workers are often


MObILE TECHNOLOGY

infrequent, inflexible, or incapable of servicing certain worker populations altogether.

Failing to deliver easy and efficient payout solutions is more dangerous than many companies realize. Worker affinity is key to keeping independent contractors on a platform; if an organization is unable to pay their workforce in an effective manner, they risk losing them en masse.

Improving retentionKeen-eyed observers have already noted the similarities between the sharing economy and the direct selling industry. Like the sharing economy, the direct selling workforce is made up of independent contractors – sometimes referred to as the 1099 workforce, named for the IRS form that employers of self-employed workers are required to submit. Many of these individuals are involved with more than one direct selling organization – as such, companies in the direct selling space need to go the extra mile to build workforce loyalty.

As the sharing economy grows, industry leaders will come to learn the importance of retention – a concern with which direct sellers are all too familiar. For many direct selling organizations, the independent contractors who sell their products represent the companies’ only sales channel, and thus their only revenue driver. Building long-term relationships with this workforce, then, is central to any real strategy for ongoing profitability. Over the long life of the direct selling industry, successful companies have grown to recognize a key

element in any effective retention strategy – a simple, efficient, and rewarding payout process. For that, they’ve often turned to Hyperwallet.

The power of choiceHyperwallet has a long history in the direct selling industry. Since 2000, the company has helped industry leaders send high volumes of payments to independent contractors all over the world – quickly and securely. Earlier this year, Hyperwallet further simplified the payout process for organizations and individuals alike when it unveiled a new product line of payout solutions designed to maximize workforce retention in the sharing economy. How? By augmenting Hyperwallet’s proven payout service with an increased focus on payee choice.

If the on-demand economy is generating an accompanying ‘on-demand lifestyle’ – and some commentators have suggested that it is – then choice is certainly one of its central tenets. Independent contractors choose to leave their nine-to-five jobs for the freedom and flexibility of self-employment – they choose when, where, and for whom they work. With so much emphasis on choice, giving contractors more control over their earnings is an obvious decision. After all, why would an independent contractor want to work on a platform that isn’t suited to their lifestyle?

Organizations can demonstrate that they understand the desires of the on-demand economy by enabling their workforce

to choose how they receive their compensation, which builds brand loyalty and increases retention and activity. Furthermore, offering options in compensation delivery helps companies guarantee that their payout process is compatible with all of their payees. Many organizations only offer one payout method: check delivery, direct deposit – whichever. But how does that organization pay someone who doesn’t have a bank account, or an individual without a fixed address? Payment choice ensures that, regardless of their circumstances, an independent contractor has a viable option for receiving compensation – and, by offering a broad spectrum of payout options, corporations can open their platforms to anyone in the world.

Proven payoutsWith Hyperwallet, not only do independent contractors receive their payments quickly and securely – they also have the opportunity to receive their payment in the method, frequency, and delivery speed that suits them best, whether it be via a physical or virtual prepaid card, direct deposit, cash pickup, or check. Beyond that, Hyperwallet’s extensive global financial network makes it easy for international workers to receive their money in the local currency and, thanks to multilingual customer support, there’s always someone available to help.

Over these past 15 years, Hyperwallet and its direct selling clients have illustrated that an easy and efficient payout process can build workforce loyalty. By

emphasizing payment choice, a company’s retention rate can be further improved. Now, Hyperwallet is using what it’s learned in the direct selling industry to take on similar payout issues in the sharing economy.

Boom or bustThe sharing economy is booming – that’s a fact. At this rate, the industry stands to become a dominant economic force within the decade. That said, companies are struggling to address the many issues that have come with such rapid growth. Sure, the number of 1099 workers in the sharing economy is exploding – but are companies doing enough to keep them around for the long haul?

Like the direct selling industry, the sharing economy needs to start taking retention seriously – and improving the existing payout process is a central part of any effective retention strategy. Companies must adopt an improved method of compensation distribution if they hope to build on their recent successes. The sharing economy depends on access to a willing workforce – without it, this pace of expansion simply can’t be sustained.

Michael Ting is the Senior Vice-President, Digital Markets at Hyperwallet Systems Inc. He has more than 20 years of product, business development, and operations experience in financial services, payments, and the on-demand economy. Hyperwallet offers on-demand organizations a user-centric payout platform designed to enhance worker loyalty, increase payments speed, and provide a frictionless payout experience.


The history of payment wearables dates back to 1997 when ExxonMobil

launched its SpeedPass contactless payment key ring token. Linked to any payment card, and as its name suggested, it promised to provide convenience and speed,. Then, payment schemes introduced contactless payment technologies like MasterCard PayPass, Visa PayWave, or Amex ExpressPay, the first onboard payment cards. A few years

passed before some issuers got the idea to add ‘companions’ to the standard card – Amex adapted the SpeedPass concept and launched a key fob in 2003 in the U.S., followed by Citi in 2005. These promised to provide ‘anytime/anywhere’ payment means.

The contactless fob then migrated onto a device that quickly took a central place in everyone’s daily life – the mobile handset. Following that, Citi became the first bank to

propose payment stickers that adhered to the back of mobile phones. These provided a simple mobile payment experience without the need for a specific handset, SIM, or subscription. Since then, payment stickers have proliferated almost everywhere, from the U.S. to Australia, from Singapore to Georgia, and in Canada with BMO. Some issuers also developed mobile apps to bring some interaction with the sticker (via the remote

the evolving technology of Device-based Payments

Wearables will change the way we pay…and sooner than you would expect!

by NicOlaS raFFiN

MObILE TECHNOLOGY


MObILE TECHNOLOGY

authorization servers), with on/off or spending control functionalities.

A world of wearablesNext, in an attempt to fully equip cardholders with a payment device that could really be used anytime/anywhere, some banks developed products that users could wear rather than carry with them. In 2011, Vitaband launched its eponym silicone bracelet in the U.S., which targeted sport addicts, many of whom find carrying a wallet inconvenient. Vitaband integrated a Visa PayWave contactless payment fob as well as a toll-free phone number with unique identity code to be used by EMTs to retrieve health information and contacts in case of an accident or health emergency. MasterCard Europe and Barclaycard UK both launched payment wristbands that targeted attendees at music festivals or sport events where it is convenient to be able to pay for a drink or snack just by waving ones wrist in front of a payment terminal – indeed quite quick and convenient. In a similar move, Disney proposed MagicBand. In addition to contactless payment, MagicBand also

enables guests to unlock their hotel room door, enter the parks, or check in at FastPass and entrances.

As a symbolic move towards devices that you actually wear, Australia’s Heritage Bank collaborated with menswear retailer M.J. Bale to present the ‘PowerSuit’, featuring a small payment chip sewn into a sleeve. This prototype presages a new approach for payment wearables – becoming an invisible functionality within an object worn for another purpose.

Built-in technologySome issuers are working in collaboration with card technology companies and designers to provide more appealing fashion bracelets with built-in technology that customers will really want to wear and therefore probably use. Another option would be to develop a very small payment tag that customers can insert and remove from a wide range of fashion bracelets (textile, leather, pearls, etc.). These could be sold on the bank’s website or at cobranding partners’ stores. When fashion and design come first, it helps to facilitate customer adoption and eventually usage.

But payment functionality

also invites itself into fitness bands and smartwatches. Physical fitness and health tracking bands are certainly the most prominent way in which wearables are making an impact. From FitBits and FuelBands to Jawbones and Vivofits, wearable devices that track everything from steps taken to calories burned to the way you sleep are everywhere. Soon, with a built-in payment chip and antenna, they will become a more advanced version of 2011’s Vitaband mentioned above, with the same secure chip that holds the payment application also holding cardholder emergency data securely readable by rescue teams or doctors. And transit. And access control to one’s office or gym center…

On a higher price scale than the previous devices which sell at only a few bucks, smart watches (or shall we say watchphones?) which are miniaturized smartphones, also bring all the benefits of mobile payment onto your wrist, whether via an embedded secure element holding all the applications and data, Bluetooth pairing with a smartphone providing those functionalities, or working autonomously with host-card emulation (HCE) technology.

And then – biometricsBut the ultimate wearable, rather than being something that you wear, could instead be essentially who you are. Enter biometrics – a technology also looking to enter into the payments space. Whether fingerprint, palm-vein, or heart beat scanning, or voice or facial recognition, customers could soon be paying with the technology based on who they are – provided that the technology is perceived as secure and reliable enough to gain confidence and acceptance.

Nevertheless, in the coming months, more people will be waving a wrist above a payment terminal – a gesture that will soon become commonplace.

Nicolas Raffin, Head of Strategic Marketing, Payments, at Oberthur Technologies has 15 years of international experience in payments and retail which he acquired in companies like Schlumberger Electronic Transactions, Axalto, Gemalto and Blackhawk Network. With Oberthur Technologies since 2010, he is in charge of strategic marketing for payments, retail, and transport at a worldwide level. He is also a board member of the Smart Payment Association (SPA) and of Eurosmart. Oberthur Technologies was a pioneer of payment wearables, supplying most of the technologies mentioned in this article, proposed to the market under the Flybuy brand: stickers, keyrings, tags, wristbands, eSEs...

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MObILE TECHNOLOGY

Powered by the development of new technologies, a stunning

array of new options is coming to the retail payments market. These new payment alternatives are competing against each other and against the broad range of existing methods for a share of the retail electronic transaction pool – a pool which, despite the entry of these new schemes, is only growing marginally in terms of transaction volume. As the array of payment models and new entrants continues to explode, organizations seeking to find stable business cases for their payments investments will need to consider all of the possible choices.

The predominant technology being exploited in the mobile

space in Canada is NFC. Apple Pay, Samsung Pay, and the scheme-based tokenization services all rely on NFC in the phone and terminal population. Canada has the highest penetration of NFC-enabled terminals in the developed world and, therefore, is an ideal market to roll out NFC-driven mobile payment schemes. However, many of the new methods are not NFC-based, especially those designed for use in proprietary merchant environments. This proliferation of technologies in increasingly narrower channels means that the high cost of each initiative must be amortized over fewer, lower ticket transactions. As the uptake of these individual new entrants builds, the volume in each of the other channels will shrink, reducing the cost

effectiveness of all.Bringing all of these new

channels to market has already cost the industry hundreds of millions of dollars and has increased the inherent complexity of the payments system. Many of the new business models include the participation of new players, adding significant operational costs.

Little value for consumersMany of these new technologies in their current forms, particularly those that simply emulate existing payment methods, create little new value to the consumer or the merchant. They are not generally faster or more convenient than existing payment methods, nor do they necessarily provide new

the splintering Payments Market

by miKe KelSO


MObILE TECHNOLOGY

services or financial advantages – at least not yet.

Yet capital investment in this area over the past two years has been extremely high. Much of the activity is occurring because the traditional players in the payment space don’t want to lose market share or the strong brand relationship they already enjoy with consumers. Some is new money, with an expectation of large returns based on the appeal of new technologies applied across a broad market.

The impetus behind all of this investment is that the new services will all reside on the smartphone – the focal point of the new convergence of functionality, information, and communication. Some surveys have already shown that over seven per cent of U.S. consumers have no other computing device than their smartphone. The expectation is that consumers will prefer to use payment services in their phone simply because everything else is already there.

Given this seemingly overwhelming trend to centralize the activities of daily life in the mobile phone, surely there is no room left for any

other approach to providing payment capabilities to consumers? Well perhaps we aren’t there quite yet.

Despite the sums already invested in mobile phone based payments, the usage to date has been disappointing. In part this is true because of difficulties in making the consumer experience a frictionless one, much less a pleasant one. But a consistent and key constraint on uptake has been the lack of true utility. For most users, the key factors that drive the use of a payment method are speed, convenience, and to a lesser extent, financial benefits. Payments services in mobile phones today are perceived as slow and complex.

The simplicity of wearablesA new class of payment token is emerging that emphasizes simplicity and utility, and has the extra benefits of being inexpensive for the providers and inherently secure. Recently brought to market by Barclay’s Bank in the UK, and La Caixa Bank in Spain, the wearable minitag is designed to exploit the fastest growing segment

of the retail transaction market: the conversion of transactions from cash to electronic methods. These minitags are fully configured EMV contactless tokens that use the current card/terminal ecosystem without any modifications. They are configured as wristbands, stickers, fobs, or other alternate formats to suit the needs of the consumer.

A recently released example in Canada is the DC TAG from DC Payments. This is a prepaid Visa card presented in a durable wristband. It allows the consumer to conduct contactless transactions in the simplest possible way – no need to even reach for your wallet or phone, just tap your wrist. It is more secure and more convenient than cash. As a prepaid card product, it allows consumers to control their funds for safety and sound financial management.

These new wearable products are based on well-established chip technology and so don’t require massive new expenditures or high ongoing costs of operation, yet deliver a truly useful consumer experience. Unlike mobile

phone based systems, these products don’t compete for space against any number of peer products. The brand itself is highly visible, and the user experience of the brand is consistent and reliable.

Products such as these that combine the best of legacy systems with the novelty and utility of wearables are likely to find a lasting place in the panoply of payments tools despite the inevitability of mobile phone based systems.

As the splintering in the payments market continues, even legacy modes will be challenged to maintain consistent margins. Providers should not lose sight of the wisdom of value investing in payments – the need to contain costs and deliver true utility.

Mike Kelso is Vice-President, Innovation at DC Payments. He provides strategic technical guidance and solution development for emerging payments technology. Mr. Kelso is a recognized expert in the design of technical and business systems for multi‐party transaction processing systems, having designed and implemented a number of national debit switches for countries in the West Indies. He has consulted around the world including the Far East, the Middle East, the West Indies, and Africa.

Creating an optimized branch of the future.

Financial Operations invites you to a Free Breakfast Brie� ng Presented by

During this interactive discussion you will gain insight into creating a more effi cient, optimized operating model for your “Branch of the Future”.

Oct 29, 2015 • 7:30-10amTwenty Toronto Street Conference Centre, 20 Toronto Street, Toronto

You must be registered in advance to attend.

Free to register www.� nancialoperations.ca


YOUR bUSINESS

by Dave leWaN Today’s consumers are practically super-human – resounding voices,

ultra-sensitive hearing, unlimited knowledge, and cloning abilities. They’re empowered to broadcast their opinions about brands, products, and experiences. They collect feedback from other people and re-broadcast it. Combined with marketing messages, today’s consumers have an unprecedented amount of information – more than ever before. And this information is available wherever they are, which is anywhere and everywhere at the same time, thanks to technology.

Technology is also enabling today’s super-powerful consumers to relentlessly demand an omnichannel future, with visions of seamless, singular retail experiences that are completely channel- and platform- agnostic. Today’s consumers can save items in the cart of a retailer’s mobile app but complete the transaction online; or they can purchase a product through a call center

agent and walk into a brick-and-mortar store for pickup. Products are centrally stocked and there is no lapse in customer service, regardless of touchpoint. Today’s consumers experience the brand, not the distinct channels within it.

While those tactics are starting to gain traction in the marketplace, 94 per cent of retail decision-makers say they are facing significant barriers to omnichannel commerce (Forrester, 2014). This is due in part to current operational realities. Behind the scenes, many retail organizations are decentralized and siloed by channel, which can potentially translate into gaps in satisfaction as shoppers are exposed to variances within the branded experience.

At any given moment, different people (prospects, first-time visitors, repeat customers) are interacting (browsing, researching, purchasing) with a retail brand in different ways (in-stores, on a mobile device, through a call center).

With so many variables in play, customer experience isn’t just a differentiator - it’s the differentiator. There is a direct, quantifiable link between a satisfying customer experience and revenue growth. Retailers who invest in measuring the customer experience and commit to taking the steps to improve it see an increase in sales, return visits, recommendations, loyalty, and brand engagement across all channels.

The challenge facing most retailers is subscribing to the right measurement. The traditional, single-channel form of measurement is uni-directional and doesn’t adequately capture the 360-degree reality of a multichannel, multi-device world.

A comprehensive measurement system can help retailers answer three key questions:

How are we performing?This is the first question the measurement system should be able to answer. Assessing

Closing the Gap on Customer Satisfactionevery element of a customer’s experience has a direct impact on the customer’s satisfaction which drives future behaviour


YOUR bUSINESS

performance – how well a retail brand is satisfying its customers – allows the business to track progress over time and benchmark against itself, against its competitors, and against best-in-class companies.

Where should we focus our efforts to get the largest return on investment?The right measurement system subscribes to a methodology that allows retailers to gauge customer perceptions regarding multiple elements of their experience and puts a spotlight on which of those elements will yield the highest levels of satisfaction.

Will taking action be worth the effort?Every element of a customer’s experience has a direct impact on the customer’s satisfaction. In turn, this satisfaction drives future behaviour. Measurement should show how making specific improvements to elements can increase satisfaction and thereby generate favourable customer actions. The ability to illuminate which improvements will generate the best results

helps retailers make sound business decisions and truly optimize their investments.

Choosing a system of measurement that answers these questions puts retailers on a sure path to becoming a truly customer-centric enterprise. It takes organizational biases out of the equation and puts the focus where it belongs – on the customer. At the same time, measurement helps even the playing field for retailers, giving them visibility into the customer journey, the ability to hear from customers directly, and the power to improve customer experiences in a way that translates into business success.

Here’s a handy checklist for evaluating customer experience metrics. Any measure worth tracking should meet every criterion:

Credible• How widely accepted is the measure? Does it have a proven track record of results? Is it based scientifically and is it academically rigorous in methodology? Can you trust it to make decisions? Will management trust it?

Reliable •Is it a consistent standard that can be applied across the customer lifecycle and multiple channels? When all factors remain the same, are the results the same with every measurement?Accurate •Is the measurement correct? Is it representative of the entire customer base or just an outspoken minority? Do the questions capture self-reported importance, or can they derive importance based on what customers say? Does it have an acceptable margin of error and realistic sample sizes?Actionable •Does it provide any insight into what can be done to encourage customers to return, buy again or recommend? Does it prioritize improvements according to the biggest predicted impacts? A score without actionable insights helps keep score but does not help with improvements.Predictive •Can it project future behaviors of customers based on their satisfaction with the experience?

As retailers evolve their businesses to accommodate omnichannel commerce, comprehensive measurement of every channel will keep them in step with customer expectations across every step of the journey. Retailers should always remember how critical it is to maintain the same levels of excellence across every touchpoint. Today’s consumers easily view a poor experience with a company in one channel as a complete brand failure across all channels, making them highly unlikely to chance another bad experience with the company in the future. As Mark Twain once proposed, “The public is the only critic whose opinion is worth anything at all.” In a world of hyper-competition with a surplus of shopping options, providing a consistently great retail brand experience will not only keep customers in the door, it will keep them – and their friends – coming back for more.

Dave Lewan is Vice-President of Sales at ForeSee, an Answers company. Answers provides brands and organizations with world-class solutions for measuring and improving the customer experience.

Is Your Contact Center Mature Enough for Today’s Customer?

Direct Marketing invites you to a Free Breakfast Brie� ng Presented by

During this interactive working session, together we will look at understanding your contact centre’s current state and begin to chart your path to the desired future state, strategic value and unique dynamics of your contact centre that match the customers’ expectation.

Oct 15, 2015 • 7:30-10amTwenty Toronto Street Conference Centre, 20 Toronto Street, Toronto

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TECHNOLOGY UPDATE

by KeviN Deveau

News of data breaches continues to dominate headlines in 2015, and cybercrime has made its way to the top

of each executive’s list of pressing concerns. And while no industry is immune, the financial services industry appears to be the prime target.

The financial services industry sits on a rich foundation of consumer information, so it is no surprise that this sector experiences the highest percentage of cyberattacks of any industry. A recent study by Raytheon Websense found that financial institutions experience three times as many security incidents compared to any other sector.

There are two factors, which suggest that financial institutions are especially vulnerable. The first is the rapid increase of information, which is more and more available as services are digitized. The second factor is the speed of innovation. As an example of this, the payments industry is undergoing a technology revolution – there is increased consumer adoption of mobile commerce, mobile payments, and mobile wallets. These innovations are changing the payments ecosystem, and they too are adding to the amount of available information.

In this environment, it is increasingly important for all companies, especially financial services firms, to protect consumers’ personal information. This means having the right security measures in place to monitor and manage that environment. But, many current

Fraud Protection Can Stop Cybercrimeleveraging the analytic technology that is currently applied to fraud security


TECHNOLOGY UPDATE

cyber-security solutions are insufficient as they lack the ability to adapt quickly, and the time it takes to detect a breach leaves an organization exposed, sometimes for months.

There is a huge opportunity to leverage the analytic technology that is currently applied to fraud security to combat cybercrime. To keep consumers’ data safe, Canada’s financial institutions need to utilize a cyber-security solution that leverages self-learning analytics – models that train themselves on the fly and look for abnormal behaviour of end devices while identifying threats in real-time.

Why financial institutions are especially vulnerableInformation on consumer behaviour is increasingly available electronically. But, at the same time, this data also becomes a growing commodity to people that want to exploit it for other purposes. The growth and explosion of data and how digitized it has become presents one of the loopholes.

The current speed of innovation also poses concern. The pace of technological innovation, such as mobile payments and mobile wallets, has been dramatic. And the rate of innovation is going to exponentially increase. We can look at the roll out of ATMs and their widespread adoption in the 1970s and 80s to where we have come in the last few years – being able to access funds from your mobile phone and having less reliance on cash. But with this innovation, financial services firms need to look at whether they have the right security in place.

Connecting the disciplines of fraud detection and cyber-security Current cyber-security methods are largely signature-based. An organization needs to experience a breach to detect it in a timely fashion, so the threat can be codified and a signature created to detect the same threat elsewhere. These methods do not respond to new threats or morphing of the threat signature.

Another difficulty is time to detection. Zero-day threats, exploits that are unknown, are sometimes not discovered for weeks or months – because the exploit is not known to developers or users. This means that the organization may not discover the exploit until long after the damage has been done. Last year, the mean time to detection for a data breach was eight months.

Signatures as defensive methods are not sufficient. At FICO, we see fraud and cybercrime as two ends of the same problem. FICO plays a unique role within this lifecycle. The company has a history fighting payment card fraud – more than 9,000 of the world’s banks use the company’s software and analytics for fraud protection. The technologies that have been successful in the financial fraud area – such as self-learning models and behavioural analytics – can apply to the cyber domain.

Using self-learning analytics to protect personally identifiable informationCyber vulnerabilities are terrifying because they are unknown. But they do not have to be. It is time for financial services institutions to use predictive and detection technologies to identify threats in real-time.

This means leveraging self-learning analytics. The multi-layered self-calibrating outlier model is one such type of self-learning analytic that can be utilized with both fraud detection and cyber-security. It not only detects some known patterns used by malware to connect to command-and-control structures, but also spot unusual computer activity. The analytics combine several features that are sensitive to such anomalies, and these components are fused into a single score indicating threat risk. All this takes place in real-time.

The major advantage of multi-layer self-calibrating outlier analytics for industries, such as financial services, is that it requires less labeled data for model development. Instead of having to be trained with months of historical data to recognize normal and abnormal values for data features, self-calibrating models infer these values in real-time from the stream of transactions. That makes them

effective for new applications where there is an absence of historical data, for markets where data that is available may be of low quality and for any environment where behaviour is rapidly changing.

Detecting cyber threats as they occurIn this digital age, financial institutions are under pressure to innovate as consumers demand convenience. A lot of times, this means quick, easy access to their services, which has led to the incredible growth in technological advancements related to banking and payments. The demand for digital services has also led to a massive influx of information. Taken together, these factors are putting financial services under threat from malware and other systems trying to steal their customers’ data.

Protecting personal data is critical. Makovsky published a survey in May, which found that nearly half of their respondents said that they would consider switching financial institutions, if those institutions were not able to protect a consumer’s personally identifiable information. The threat, here, cannot be overlooked. No organization can afford to wait months to learn that their data has been compromised. In order to keep attackers at bay – and by extension maintain the loyalty of their customer base – organizations need to leverage self-learning analytics – a solution that is able to detect anomalies in real-time and change along with them.

Kevin Deveau is managing director at FICO Canada

“Cyber vulnerabilities are terrifying because they are unknown. But they do not have to be … “

Securing Mobile Life.

Creating Confidence. Giesecke & Devrient offers a comprehensive range of payment products and solutions

based on the latest EMV, contactless and dual interface technologies. Our smart debit, credit and prepaid products are

available on a wide range of platforms based on secure and highly flexible operating systems. Alongside the comprehensive

portfolio of easily configurable card products and card solutions, we offer all services related to electronic payments

including m-commerce and transit. Our services include personalization, system integration, project management and

technical consulting from a single source. For more information, please visit: www.gi-de.com/ca

Securing Mobile Life.

Creating Confidence. Giesecke & Devrient offers a comprehensive range of payment products and solutions

based on the latest EMV, contactless and dual interface technologies. Our smart debit, credit and prepaid products are

available on a wide range of platforms based on secure and highly flexible operating systems. Alongside the comprehensive

portfolio of easily configurable card products and card solutions, we offer all services related to electronic payments

including m-commerce and transit. Our services include personalization, system integration, project management and

technical consulting from a single source. For more information, please visit: www.gi-de.com/ca

April 2Lloydmedia Inc. - Payments Business MagazineMobile Payments WorkshopToronto, ONwww.paymentsbusiness.ca

April 8-10Smart International Conferences Inc.International Payment ConferenceToronto, ONwww.inpayco.com

April 13-16NAPCP Commercial Card and Payment ConferenceSan Antonio, TXwww.napcp.org

April 19-24NACHA, The ElectronicPayments Association, Payments 201New Orleans, LAwww.nacha.org

TBAFinovateFinovate Spring ConferenceSan Jose, CAwww.finovate.com

May 5-7Cartes North America 2015Washington, DCwww.cartes-america.com

May 11-12FC Business IntelligenceAnalytics for Insurance Canada SummitToronto, ONwww.analytics-for-insurance.com/canada/

May 11-13WB ResearcheTail Canada 2015Toronto, ONwww.wbresearch.com

May 11-14IFOFusion 2015 Forum & ExpoOrlando, FLwww.financialops.org

May 31-June 2Credit Scoring & Risk Strategy Association22nd Annual ConferenceNiagara Falls, ON (TBD)www.csrsa.org

June 2-5Internet RetailerIRC&Exhibition 2015Chicago, ILwww.internetretailer.com

June 10-12FEI Canada Annual ConferenceWinnipeg, MBwww.feicanada.org

June 16-17ACT CanadaCardware 2015: Payment & Digital ID InsightsNiagara Falls, ONwww.actcda.com

June 30 - July 1EMV User Meeting 2015EMVCoSeattle, WAwww.emvco.com

June (TBA)8th Annual Prepaid & Payments RetreatToronto, ONwww.paymentseXchange.ca

June (TBA)Payments Awards 2015Toronto, ON www.paymentseXchange.ca

June (TBD)ATMIA CanadaAnnual Canadian Conference 2015Niagara Falls, ON (TBD)www.atmiaconferences.com

August 2-5Retail Solutions Providers AssociationRetailNOW 2015Orlando, FLwww.gorspa.org

August 11-15NBPCAAnnual Congress-The Power of Prepaid 2015Planet Hollywood, Las Vegas, NVwww.nbpca.com

September 13-15IFO Canada6th Annual Canadian Financial Operations SymposiumToronto, ON

www.financialops.org/canada2015

September 15-16Women in Payments Symposium & Women in Payments AwardsToronto, ONwww.womeninpayments.ca

October 4-6Members MeetingSmart Card AlliancePhoenix, AZwww.smartcardalliance.org

October 7-8Smartcard AllianceNFC Solutions Summit 2015Phoenix, AZwww.smartcardalliance.org

October 12-15Sibos Annual Conference 2015Singapore, MYwww.sibos.com

October 13-15Electronic Transactions Association2015 ETA Strategic Leadership ForumScottsdale, AZhttp://electran.org/events/slf15/

October 13-15BAIBAI Retail Delivery Conference 2015Las Vegas, NVwww.BAI.org

October 15-17Canadian Automatic Merchandising AssociationCAMA Expo 2015Niagara Falls, ONwww.vending-cama.com

October 18-21Association of Financial ProfessionalsAFP Annual Conference 2015Denver, COwww.afponline.org

October 19-20Everlink Client ConferenceCONNECTIONS 2015Niagara Falls, ONwww.everlink.ca

October 25-28Money20/20Las Vegas, NVwww.money2020.com

October TBA2015 Global Finance ConferenceFor Finance ExecutivesToronto, ONGlobalFinanceConference.com

November 17-19ComexposiumCARTES & Identification Exhibition 2015Paris, FRwww.cartes.com

January 20-212016 NAPCP Canadian Commercial Card and Payment ConferenceToronto, ONwww.napcp.org/

February 22-25Mobile World CongressBarcelona, Spainwww.mobileworldcongress.com

March 7-9BAIBAI Payments Connect ConferenceSan Diego, CAwww.BAI.org

January 2016

February

March

april

May

august

septeMber

OctOber

nOveMber

Visit us onlinewww.paymentsbusiness.ca

2015 INDUSTRY EVENTS

June


20 15

Celebrating a world of potential.As a leader in the Advancement of Women, Scotiabank is committed to supporting women in reaching their full potential. Through our Bright Future philanthropic program, we continue to support local communities and women’s initiatives around the world.

Today, Scotiabank congratulates all of the Women in Payments Award winners and celebrates the innovators and leaders in the payments industry.

scotiabank.com

™ Trademark of The Bank of Nova Scotia, used under licence (where applicable). Scotiabank is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates and agencies in the countries where they operate, including Scotia Capital Inc. and Scotia Capital (USA) Inc., which are non-bank affiliates of The Bank of Nova Scotia and authorized users of the mark. Scotia Capital Inc. is a Member-Canadian Investor Protection Fund. Scotia Capital (USA) Inc. is a registered broker-dealer with the SEC and is a member of FINRA, NYSE and NFA. Not all products and services are offered in all jurisdictions. Services described are available only in jurisdictions where permitted by law.

C o r p o r a t e & I n v e s t m e n t B a n k i n g | C o m m e r c i a l B a n k i n g | C a p i t a l M a r k e t s | C a s h M a n a g e m e n t | Tr a d e F i n a n c e

Local strength. Global reach.


WOMEN IN PAYMENTS™SYMPOSIUM 2015

LETTER FROM THE PRESIDENTGreetings to all supporters of Women in Payments! I’d like to start by congratulating this year’s Women in Payments™ Award winners. This year we have six exceptional women whom we are honoured and privileged to recognise, and I encourage you to read their stories in the pages of this awards guide. As well, I’d like to recognise the leadership and extend a big THANK YOU to this year’s Awards Committee: Jo Canning of EMA Partners (Chair), Fay Freiman of Scotiabank, Linda Hartley of CIBC, Cathy Pin of CGI, Lea Ruuth of Visa, and Raegan Stuart of D+H.

This year has been a year of exciting firsts for Women in Payments™. It’s the first year we’ve had the pleasure to partner with an Awards Sponsor, EMA Partners International, who has done a fantastic job of raising the profile and prestige of these awards. As well this year, it’s the first time that eight talented women will be recognised for awards– six in Canada, and two in the US. It’s also the first year that we’ve held an awards dinner, which gives colleagues, clients, friends, and families a chance to recognise and

celebrate the incredible female leadership, talent, innovation, and mentorship that we enjoy across the payments ecosystem.

On a broader scale, it’s the first time we’ve presented Women in Payments Awards in the U.S., and as an aside, we have the pleasure and honour to welcome Ellen Richey, vice -chair of risk and public policy at Visa, and first recipient of the ‘U.S. Women in Payments Distinguished Payments Professional Award’, as a keynote at our Awards Dinner here in Canada. As well, we look forward to launching our awards program in Australia in 2017. It’s also the first year that we’ve launched a Women in Payments initiative outside North America, as we’ve now confirmed our inaugural event in Sydney, Australia for March 2, 2016. And we are thrilled, for the first time, to welcome a new global platinum sponsor! Visa Inc. has joined Women in Payments this year to participate and support in this worthwhile global initiative.

It has been an exciting year of firsts as we continue to build value for women across the payments industry, and we couldn’t have done it without the enthusiasm of our sponsors, participants, supporters, speakers, advisory board, and awards committee, and I thank all of you, and look forward to another great year in 2016.

KRISTY DUNCAN, P. ENG., CCMFounder & Chair

WOMEN IN PAYMENTS™SEPTEMBER, 2015

LETTER FROM THE CHAIR OF THE AWARDS COMMITTEEIt has been a privilege to chair the 2015 Women in Payments Awards Committee, and I join Kristy and my fellow Committee members in congratulating this year’s winners. The WIP Awards is a fantastic platform to celebrate the success of women in this dynamic and evolving industry. This year we acknowledge the accomplishments of some of Canada’s top leadership talent in payments and innovation, and honour women who continuously inspire and give back to their industry by dedicating time and energy to mentor and share their knowledge with others. In addition, we are delighted to recognize our industry’s rising stars, and we look forward to seeing how all of our award recipients will

continue to innovate, drive change, and help shape the payments landscape of the future.

Each award recipient was nominated by a panel of her peers. Our Committee of respected payments professionals was impressed by the caliber of this year’s nominees. Our evaluation process is highly collaborative and thoughtful, and we considered each nominee against a carefully determined set of reputation- and performance- based criteria.

As the Chair of the Awards Committee, I extend my deepest appreciation to everyone who took the time to nominate. I firmly believe in the importance of celebrating and promoting the dedication and achievements of women in the payments field, and feel fortunate that every day, I have an opportunity to engage with some of the brightest leaders in the industry.

JO CANNINGSenior ConsultantEMA Partners International


Jacquelina calisto, Vice-President, Commercialization & Digital Delivery, RBC

Women in Payments™

Rising staR aWaRd

Jacquelina Calisto, recipient of the Women in Payments ‘Rising Star Award’ was excited, grateful, and honoured to win the award. What is important, she says, is that it showcases women in leadership roles and that’s something she’s incredibly proud of – to be part of an organization like RBC that truly supports the advancement of women.

Calisto is incredibly grateful to the men and women who supported this nomination across RBC and the payments industry. One thing Calisto is adamant about is that while she is honoured to receive the award, it is not just about her.

“I am honoured to be recognized with this award and feel privileged to work with such an exceptionally talented team that is made up of a very diverse group of individuals, with different skill sets, experiences, and backgrounds. One of the things that I am most proud of is the dedication, family-like culture, and passion this team has for providing our customers with innovative solutions. The commitment this team has to our customers and to each other is inspiring - We help each other, we believe in each other, and we encourage each other. Those are the aspects of this award that are important to me.”

Where it beganGrowing up, Calisto always wanted to be a nurse however after beginning her career in nursing and working in palliative care, she realized it was an emotionally difficult journey and made the decision to start a new career path.

“I started working at RBC in the Advice Centre while going back to school for business. Over the years, I took on new and more senior roles in different areas of the organization. A pivotal moment in my career was when I started working in digital in 2006. It was then that I experienced the evolution of digital and how it could change people’s lives. Over the next several years, I was fortunate to be part

of the RBC team that introduced new and emerging technologies to our customers, including the first mobile payments offering in 2008 and most recently the first bank in North America to offer a host card emulation (HCE) solution in 2015.

Calisto identifies her road to success as being influenced by many great leaders within the company; however, she highlights three women who were instrumental in her career - Linda Mantia, Jane Broderick, and Cathy Honor. She says each of these incredible women inspired her to believe in herself and to pursue her career aspirations. Through their ongoing support, coaching, and mentoring, each have helped shape her career journey and have given her the courage and confidence to achieve the success she has seen to date.

Her parents have also been a significant influence in her career.“My parents have been an instrumental part of my life. My father is my hero and taught me that your ability has nothing to do with gender and that you could do anything you put your my mind to. Growing up, that is what I believed. He instilled in me strong core values like an incredible work ethic, integrity, kindness, and humility. My mother is the woman I aspire to be. She has given me the confidence to try new things and has taught me the importance of being passionate about what you do, to care about others, and to be grateful for new experiences. She continues to influence me to become a better leader, colleague, and person.”

Wildly passionateCalisto says that for young women contemplating a career in the payments and digital industry, she would tell them that whatever they are looking to do, they should be wildly passionate about it.

“The complexity, dynamic nature, and pace of change in digital and payments definitely makes some days difficult; however, this also provides so much opportunity for personal growth, new learnings, and a chance at shaping the future of Canada’s payments and financial industry. Be open to it. Be courageous. Be wildly passionate about making a difference. Don’t be afraid to be vulnerable. There are so many people in this industry and in the company that are willing to help, and are happy to share their knowledge and experiences. That would be my advice.”

In terms of the future, Calisto says she loves innovation, payments, and digital and knows there are so many possibilities that lie ahead. She’s excited to be part of shaping the lives of customers and looks forward to continued learning opportunities. She is also committed to community involvement as a board member on the Learning Disabilities Association of Toronto District and her personal ongoing learning as she begins her executive MBA this January.

Victoria Chin Women in Payments ad 92877 AD_110986_1015_E.indd

100% of Final Size 8.375” x 10.875”

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APPROVALS

Leader. Motivator. Rising Star.

Congratulations Jacquelina Calisto, Vice President, Commercialization & Digital Delivery, RBC, on receiving the 2015 Women in Payments Rising Star Award.

Your strong leadership, passion for innovation and personal commitment has empowered your team to make a positive impact in the payments industry, inspiring us all.

® / ™ Trademark(s) of Royal Bank of Canada. ‡ All other trademarks are property of their respective owner(s) and are used under licence.

RBC® is a proud sponsor of Women in Payments‡

92877 AD_110986_1015_E.indd 1 2015-08-17 12:15 PM


gayle muRdoch, Senior Director, Payments New Business Development, Retail and Business Banking, CIBC


Rising staR aWaRd

Gayle Murdoch, Senior Director, Payments New Business Development, Retail and Business Banking at CIBC, and recipient of the Women in Payments ‘Rising Star Award’, describes herself as being one hundred per cent thrilled with the award.

“I was so surprised and so over the moon. It didn’t just make my day or my week, it made my year! This award is recognition and validation for years of hard work and building great relationships and partnerships – within CIBC and with Visa, Tim Hortons, and TELUS. It is most meaningful that Visa took the initiative to nominate me and they brought CIBC and TELUS into it. The external validation feels great – it’s very heartfelt and it really hit me.”

Murdoch adds that since joining CIBC nine years ago, she has aspired to work hard, deliver measurable results, and cultivate relationships. She feels that the award demonstrates to her that she is making a difference within CIBC and for its partners.

Goal-settingMentoring is very important for Murdoch. It is a big part of her foundation and her growth. When she reflects back to her time in university and her time in business, she says she has been privileged to be mentored by a number of individuals who have inspired her and who have been outstanding supporters of her success. From this, she has set a goal to pay it forward, pay it back, and to provide that same mentoring to her team and her colleagues, as well as starting a mentoring service at Dalhousie, her alma mater.

Murdoch embraces her goals for skill development. “I consistently set goals for my own development. Best laid plans don’t always happen but I have always embraced opportunities that have come my way. My attitude is that when something is given to you, you take it and run with it. My mantra is to never say no to an opportunity.”

And her goal of staying true to her Maritime roots is something she very much values and considers important still today. “My parents have been instrumental to my success and my development. They

taught me the value of hard work at a very young age. I grew up cleaning cottages and kitchens and toilets, and helping relatives run catering businesses and retail stores. I also learned how to be a leader in those environments, how to take initiative, and how to give back to my community.”

Influences todayMurdoch says she is very grateful for both the male and female sponsors she has at CIBC, adding that these people have challenged her and pushed her beyond her comfort zone. They encouraged her take on new work, new initiatives, more complexities, and to run with those things. “They’ve given me opportunities along the way, including interesting and complex projects to work on – and it’s been a privilege to collaborate with fantastic partners like Visa, and TELUS, and Tim Hortons – and to learn from them. In addition, CIBC has connected me with mentors outside of the financial services industry so I have supporters/advisors in other organizations that I can call on to get different points of view, different perspectives.”

In mentoring others, Murdoch says it is important to be confident in one’s own abilities and to not let a potentially self-conscious inner voice stop you from accepting a new challenge, facing a risk, managing a project, stepping up, or taking initiative. “Take the risk and manage your personal fear,” she says. “Make the time to attend business events, speaker sessions, panels; not just to go but also to participate, meet people, ask questions. Get your own voice out there and lastly, take time to network and find people that you can trust for advice and if you don’t have a mentor, ask your boss to recommend one. You have to build that network.”

She also says you must take charge of your own learning rather than sitting back and waiting for someone else to teach you. Being successful is very much about the ramp up and getting quickly to the understanding, says Murdoch. “I’ve launched two significant partnerships for CIBC with iconic Canadian brands. I was also instrumental in winning that business from other competitors. To be able do that sort of thing you need to learn the business quickly and become an expert because others rely on your expertise and guidance.”

At the end of the day, it comes down to the quality of her relationships in the industry, which she says have been critical, and to how much CIBC has invested in her through mentoring, sponsorship and caring about her growth. And for the future, Murdoch will continue to focus on opportunities for continued growth and complexity.

“Payments is a changing business and I think those who focus on creating simple and easy-to-use products that solve real client needs will win in the industry.”

CIBC congratulates all of the recipients of the 2015 Women in Payments Awards including our own Gayle Murdoch, Senior Director, New Business Development, recognized with the 2015 Women in Payments Rising Star Award and Jenny Fagg, Executive Vice-President, Products & Payments, honoured with the 2015 Women in Payments Distinguished Payments Professional Award.

Both were recognized for their leadership in delivering payments innovation to our clients.

CIBC is committed to the advancement of women in leadership and we are dedicated to attracting and retaining the very best talent. Women make up two-thirds of our team.

We commend Gayle and Jenny on their achievements and the inspiration they provide to our next generation of leaders.

Women in Payments: Inspiring and Innovative

CIBC Cube Design & “Banking that fits your life.” are trademarks of CIBC.


Jennifer Fagg, recipient of the Women in Payments ‘Distinguished Payments Professional Award’ says it is very much an honour to win the award. “I've worked in payments in many countries now and an award like Women in Payments is an honour because it represents an acknowledgement by my peers within my industry. It is very special on a personal level, and more broadly it is fabulous for my team. This award recognizes that CIBC is very innovative and I'm very proud that my team was able to accomplish all of these firsts for our clients.”

Early in her career Fagg was the mobile manager that fell in love with being a banker. That was 25 years ago. She says it started more or less by accident. She was working in sales and one day she talked to her managers and told them that if they gave her a general management role, she would take half the pay just as long as they gave her the role – which they did. So while she would love to say it was a strategic move in her career path, she smiles and says she really pretty much fell into it.

“My career line has been a bit of a zigzag,” she says. “One thing I've always been conscious of is to get as much experience as possible, in as many areas as possible. I started in human resources, went to sales, then to credit cards. I spent a long time in risk management before going on to run the mortgage business then across to being a consultant at KPMG. Later, I did my PhD and had my daughter and then went back to work fulltime in a mixture of risk and business management.

At this point in my career it’s about people management. I deliver profit growth and I grow people.”

“A lot of people I meet ask how they should structure their career. I mostly tell them to relax, be really, really good at what they do, and the sponsors and the mentors will come. It's about finding out how

to add value in your own unique way – be really good at what you do and keep it going all the way through.”

What is true for Fagg and what she recommends to others is to understand the importance of loving the work you are doing. The content of the work matters too, she says. If you aren't doing something that you're proud of then you've got a problem. You need to know you are going in the right direction, you need to have a great boss, and you need to be really good at what you do.

And, along with all of that, you also need to challenge yourself, strive to create change, and not be afraid to make mistakes, says Fagg. “My first boss, who was a wonderful boss, once told me that if you're not making waves, then you're not doing your job. Which is another way of saying if you aren't making small mistakes and offending people or pushing a little hard at times, then you aren't creating change. That stuck with me. I think we have to make some mistakes or we never learn and we never change. I think you just have to put your hand up as soon as you realize you've made a mistake and trust that the organization will accept that you've simply made a mistake.”

Teamwork is keyA strong team is an important element to success and Fagg says she has a fabulous team – a strong and diverse team. She explains that the team was put together in such a way that they complement each other. They have a common value set about doing the right thing, being fair and reasonable and trustworthy, but once you get beyond that basic value set they are as different from one another as possible. For Fagg, the fast changing world of payments is well handled when you have a team that covers so many diverse aspects and that covers a wide field of options.

Going forwardWhen asked about her career and about balance, her passion and values are evident. “I try to squeeze every moment out of every day, but I also try to have dinner with my family most nights – I believe flexible working practices are incredibly important. I want to do everything; I want to deliver things as well as possible. There is very much a personal drive to deliver. I have to be trustworthy. I love banking, I love my team, I love my colleagues. I believe we keep the economy running. We give people home loans and let people build their wealth and live their dreams. If that goes down then the economy stops. It’s important to deliver.”

JennifeR fagg,Executive Vice-President, Products & Payments, Retail and Business Banking, CIBC


distinguished Payments PRofessional aWaRd

Wendy macKinnon Keith, CEO & Founder, SelfPay


innovation aWaRd


Wendy MacKinnon Keith, recipient of the Women in Payments ‘Innovation Award’, says she is very honoured by the award, adding that the award represents an ability to stand out from the crowd, especially for a small company that is working with so many large multinational enterprises. It will mean a lot to the reputation of the company to be held in this high a regard alongside so many other, much larger, enterprises, she says.

From then to nowStarting with an MBA from Ivy, MacKinnon Keith then entered the consulting field. She worked for a management consulting firm that was founded by some Harvard Business School faculty. They had offices in the U.S. and Europe and a lot of the clients she worked with were technology companies – IBM, Ameritech, Nokia – thereby having the opportunity to gain valuable experience. “All of my early experiences had a huge impact that I later founded this company on. When I founded this company, I turned the tables and made myself the client of my own company in order to look at the mobile retail digital ecosystem broadly stated. I started doing a project where I was the client. I knew there were huge changes afoot of how we shop and how we pay. I wanted to see where the whitespace was in the market.”

There’s no luck in the worldWhen asked what she would say to young people starting their careers, MacKinnon Keith says they need to understand that there's really no luck in the world or in your career path. People have to find and recognize opportunities that are staring them in the face.

“From an early age, I had a drive, ambition, and passion to do well. I set goals to do well. There are no shortcuts. You have to do the work and you have to have the perseverance, the ambition, and the belief in yourself that you will do well – even in the face of those that may question you. When I started business school, I left a very

high paying job, but I had bigger ambitions and I was on a mission to get into consulting. It was a planned out move.”

On being a woman Being a woman is not a non-factor, says MacKinnon Keith. “It is more challenging. But I can rise to that challenge and maybe that's also the difference. I didn't see my humble beginnings as a problem – it was just a challenge that complicated things. I had to work a little bit harder, but I'm okay with that. For example, I am not the posterchild for the Silicon Valley start-up CEO – I am not a white, male, 23-year-old Stanford engineer. I am myself. So I don't think about it in those terms. I think there's certainly an expectation of female-led start-ups that you need to be more successful, have more traction, and have more results to show to get to the table. But as long as you are up for that challenge, it is absolutely there for you.”

“I'm very tenacious. I think you have to be. You also have to be bold and be willing to introduce yourself and to make connections to organizations and people that you maybe don't have a direct relationship with. One of the things that I think has really helped my company stand out is realizing its importance in an industry that involves payments and consumers; in realizing you are building a platform, it is extremely important to be able to develop strong and deep relationships with many different channel partners.”

The must-havesA must have MacKinnon Keith pointed out is for young people to learn to code. That should be taught as early as elementary school and should be no different than math or English, she says. She adds that coding is being treated as a specialty activity when it isn't. “It is part of the fabric of everything we do and just like we use Word, Excel, and PowerPoint, I think we all need some literacy in coding, just to have an insight and understanding of how systems are architected, how they work. You can use it in so many ways.”

To young women specifically, MacKinnon Keith says, aim high and be resilient. Seek mentors – male and female – and don’t feel limited in any way. Don't accept the status quo or how things might have been or might be for others. Make that not be the case for yourself. So much of life is how we respond to the challenges, not the challenges themselves.

Going forwardMacKinnon Keith is very clear in her goals. “I'm building a global company,” she says. “I understand there's a long horizon and there's going to be bumps along the way. It hasn't been a straight and narrow path. It has curves, it has extreme challenges. It also has extreme delights. It is the most creative enterprise I have ever been involved in and I feel young, alive, and invigorated. It's an incredible challenge and it's exciting. But – I’m building a global company!”

KiKi Plytas, Vice-President Business Transformation & Customer Enablement, Moneris


insPiRation aWaRd


When Kiki Plytas heard that she’d won the Women in Payments ‘Inspiration Award’, she was pleased and, of course, very honoured. “It's very exciting to be recognized for such a prestigious award. This award speaks to the importance I have placed on growing as an individual and helping those around me.”

Her goal has been to seek new learning opportunities for personal and professional growth while inspiring members of her team with her high level of energy and contagious enthusiasm. “I had the tremendous benefit of being a part of Moneris from its inception in 2001. This unique and exciting joint venture provided me with many opportunities to foster my professional growth and development, and it continues to do this even today.”

“I was always interested in cross-collaboration in an effort to learn about how company-wide initiatives were rolled out from start to finish. By looking at the various areas within the company and understand how they are interconnected, I realized where my own potential existed within the organization and where my skills were best put to use.”

Building trust and establishing genuine and respectful relationships across the organization has been cornerstone to her success, says Plytas. She adds that, “as we evolve, improve, and grow – integrity and trust are imperative to leading successful change. Also important is not being afraid to get your hands dirty to get the job done.”

The path to leadershipThere have been a handful of individuals who have been instrumental in providing their support and mentoring, says Plytas. “It’s important to have allies that you can bounce ideas off of. They are the people who can really help you along the way with their positive influence.”

Plytas started her career as an individual contributor and didn’t necessarily have aspirations to manage a large team. “Early on in my career, I had a mentor who encouraged me to take on a people management and leadership role. I hesitated at first, but once I embraced the challenge, I realized that I was good at it. I enjoyed it more than I thought I would and, even now, I truly appreciate watching the people around me develop and reach their goals.”

From a mentoring perspective, Plytas says the advice she would give to other women is to seek out and nurture strong working relationships. “We all need each other to be successful, so value the people that you have the opportunity to work with and genuinely support them. The benefits of doing so are very rewarding.” She encourages others to broaden their horizons by learning about different areas of their business and industry that they may not be familiar with, and to take advantage of the professional development opportunities available to them.

“Don’t be fearful to try something new. It's important to have confidence in yourself and show others that you believe in the message or idea you are delivering and the path you are taking.”

Her viewpoint has always been to look at things as opportunities rather than challenges. “Early on in my tenure at Moneris I was asked to consider a role working out of our U.S. office. I was reluctant at first but soon realized the potential benefits to be reaped from this experience. It required a fair bit of juggling on my end but, in retrospect, I wouldn’t have done it differently. That is my approach to any challenge. There is always a silver lining – it just depends on your outlook and how quickly you can identify it.”

When asked if she faced any challenges due to issues of gender inequality, Plytas said, “The opportunities I’ve had have always been equal to those of my male counterparts. Hard work, a positive attitude, and an enthusiastic approach is the recipe for my success. At Moneris, it is the quality of your work, decision-making ability, and approach that are valued foremost.”

The futureWith respect to her plans for the future, Plytas proudly says, “I was recently promoted to vice-president which was a tremendous recognition of my contributions. I see myself continuing to grow within Moneris.”

“The payments industry as a whole is extremely exciting and the opportunities are endless. I would tell anyone that if something seems exciting and appeals to you, don’t be afraid to put your hand up and go for it.”

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Bhavna Kaushal, VP, Partnerships & Payments Strategy Berkeley Payments Solutions


Rising staR aWaRd aWaRd

Bhavna Kaushal, recipient of the Women in Payments ‘Rising Star Award’, has been with Berkeley Payment Solutions for four years managing the company’s partnerships with its various bank partners, as well as with the payment networks (Visa, MasterCard etc). Kaushal also oversees the company’s innovative payments strategy and how it is applied to the prepaid space.

For Kaushal, the Rising Star Award came about as a result of her work in payments innovation and from working with a very wide variety of stakeholders across a diverse group of companies. Previous to working at Berkeley, she spent over seven years at American Express where she originally started as a global consulting manager for travel and expense management programs. She then moved into the emerging payments sector and was the lead representative for Amex at the Canadian multilateral chip and pin PMO.

When she joined Berkeley, Kaushal led the team that was instrumental in developing a new servicing model. The model incorporates segregated and shared servicing that allows for working with multiple bank partners as a fully managed services provider. Under her leadership, Berkeley brought in multiple new bank partners and now manages prepaid programs for 4 of the ‘Big 5’ Canadian banks.

The ability to get things doneWhen looking at the various factors that led to her receiving this award, Kaushal believes the reasons she was nominated was in large part due to her ability to get things done and be successful across the payments space. “I was excited and honoured to win the award – after all, it is the Women in Payments award and it is certainly nice to be honoured by your peers. It is also exciting to realize that there are so many people, both men and women that I’ve come across and worked with who respect me and support me in what I am doing.”

Kaushal attributes her success to a combination of factors – one of them certainly being learning along the way. “Being open to different ideas and being willing to learn are important factors in my

growth, as is interacting with a cross section of people both within the companies I’ve worked for and in the industry as a whole. Actively participating and taking a lead role with various industry associations is another factor that has been tremendously helpful, and I think a lot also came down to recognizing opportunities that were being given to me. I have always asked the questions, ‘Who can I talk to?’ and ‘What can I learn?’”

Mentoring to give backKaushal doesn’t hesitate to contribute to the industry that has given her so much. “I provide mentorship regularly, both within Berkeley and outside of the company. There are definitely people I enjoy working with on a regular basis. I always remember that I’ve been down that road myself. I have things to offer and I believe that when you mentor, you end up learning a lot as well.”

When asked about what advice she would give to people who are early on in their career paths, Kaushal says the single most important thing they should know is that payments is a very multifaceted sector. Because payments is always changing and developing, she suggests that if someone is giving you an opportunity, or you come across something that helps you learn something new (even if it may not be exactly what you planned) – go with it, take the opportunity, because it will help you gain a wholistic view of the industry.

“Payments is evolving so fast. It’s a large industry, it’s very entrenched, and has a lot of very mature segments. At the same time what you’ll quickly learn is that although the market can appear saturated, when you look at payments innovation you will actually find tremendous growth potential.”

When looking to the future, Kaushal says that her willingness to take advantage of her opportunities, coupled with her open perspective to learning new things has brought her current career success. She intends to continue to take the same approach moving forward.

“I’ve discovered there are things I am very good at. I am ambitious and I want to be able to contribute. That means staying open to opportunities and continuing to learn.”

In final thoughts, Kaushal says it is important to realize, “nobody is an island and you do not get to any point or success in your career without the support of many people. I have been very fortune to have strong mentors and leaders throughout my career. The leadership team at Berkeley has been highly supportive of my industry activities, and instrumental to my continued success. Always reach out and always be open to developing new relationships. It is really the relationships, the people and the knowledge you get from them, that will take you forward.”


Payments Business Magazine would like to congratulate this year’s

Women in Payments™ Awards winners Brenda Clark and Debbie Sawka on their

outstanding accomplishments!

Payments Business Magazine would like to congratulate this year’s

Women in Payments™ Awards winners on their outstanding accomplishments!

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VERTICAL MARKET

events and entertainmentCanadians want digital solutions for a simpler summer

by NicOlaS DiNh

Along with the warmer temperatures and relaxed atmosphere, summer in

Canada brings opportunities to spend as much time as possible outdoors. And why not? We live huddled in giant coats during long winter months. It makes sense to wring every drop of fun out of summer while we can.

The summer festival season is now synonymous with Canada’s warmer months. From the recent Way Home music festival outside Barrie, Ontario, to the camping experience of the Squamish Valley Music Festival in BC, Canadians have no shortage of opportunities to experience life outdoors this summer. And it’s not just music festivals Canadians look forward to. Every weekend a farmer’s market, cultural festival, or outdoor theatre production has us enjoying sun on our shoulders and the grass underfoot.

Providing payments options in the digital spaceWith so many non-traditional opportunities to shop – from tickets to clothing to groceries – there are more avenues than ever for payment. And with payment technology increasing at such a rapid pace it seems natural that even when shopping outside a traditional brick and mortar or online store, Canadians should have the same digital payment options.

The options for festival organizers are many. Payment dongles allow small businesses

to accept digital payments directly from a smartphone or tablet. Wearable technology would allow festival goers to go hands-free while on site, with payment credentials locked into a smart wearable device. Startups like Toronto’s Nymi band have a pilot underway with MasterCard that allows the wearer to make a payment that is authenticated using their own unique heart rhythm. Put into practice at a festival, it means the person buying beer for friends needs only to wave the band over an NFC reader to pay, and the transaction is authenticated on the spot because it’s attached to his wrist and reading his heart beat. Giving festival goers more ways to pay may mean increased revenue for festival vendors and organizers.

But are we at MasterCard the only ones making the assumption that festivals should carry the same payment options as your average grocery store? As a payments technology company, of course we’re a little biased when it comes to wanting the latest payment tech everywhere we go. But what about the average Canadian? What do they think? To find out we conducted some research into Canadian opinions when it comes to paying at a summer festival.

An enhanced experienceAccording to our survey, most Canadians agree that more payment options would

improve their festival experience. Of course, Millennial-aged Canadians make up a large portion of the festival crowd and it is clear that age plays a major factor – Millennials are jumping on the technology bandwagon and want more payment options.

Over half (59%) of millennials •(18-34) said it would be much more convenient to have a variety of payment options available

Canadians also appreciate the safety aspects of knowing that they can pay electronically, especially around large crowds.

Canadians (40%) have safety •concerns with carrying more cash than usual at festivals

Convenience was found to be the most important factor.

Three quarters (74%) of •Canadians think having flexibility and choice of payment at festivals would make the experience more convenient

ÎleSoniq, an electronic dance music festival in Montreal, Quebec, has gone cashless and it’s soon to be followed by others. Between wearables, dongles, and mobile wallets, the options are endless.

Nicolas Dinh is Vice-President of Mobile Payments at MasterCard Canada, leading mobile payments product development and commercialization initiatives in Canada. In his current role, he is responsible for the regional product strategy, go-to-market planning & execution, and product roadmap of MasterCard’s mobile products and solutions.

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Payments Business Magazine Sept/Oct 2015