Canadian Lawyer InHouse

October/November 2021

Legal news and trends for Canadian in-house counsel and c-suite executives

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www.canadianlawyermag.com/inhouse 17 "The payments modernization program in Canada is acting as a catalyst for a whole new level of changes and innovative products that will deliver value to Canadians while ensuring Canada remains competitive on a global scale." Richard Shimoda, Scotiabank and payments innovation, as a pioneer of chip and pin technology, contactless payments and e-transfers, so the modernization process is expected to enhance that reputation further. "A new modernized payment rail that is faster and enables the ability to send much more data with the payment will allow Canada to stay at the forefront of payments innovation," says Lawal. Ensuring the payments system is grounded in trust and aligned with clients' rights concerning protecting their personal informa- tion is also a critical factor, she says. Richard Shimoda, senior legal counsel at Scotiabank, has also played an essential role in providing input to Payments Canada's by-laws and rules governing Lynx and Real Time Rail. He continues to advocate for the bank and monitor and advise the bank on legislative changes, including the proposed Retail Payments Activities Act. "Payments modernization, including the acceleration of payments and the standard- ization of data presentment through ISO 20022, will create tremendous opportunities for us to offer customers faster data-rich payments with the potential for cross-border interoperability," says Shimoda. The program will also create other benefits for both personal and business customers, Shimoda says, including enhanced efficien- cies through streamlined matching and reconciliation of payments and new value propositions that take advantage of paying and getting paid instantly. Shimoda plans to continue monitoring a host of legal, compliance and privacy issues accompanying the new payments system. The legal team at Scotiabank will continue to be diligent in monitoring payments and up to date with existing and changing requirements under anti-money laundering legislation while ensuring that supporting technology and operations remain current and robust. "The payments modernization program in Canada is acting as a catalyst for a whole new level of changes and innovative products that will deliver value to Canadians while ensuring Canada remains competitive on a global scale," says Shimoda. Scotiabank is well-posi- tioned to deliver digital payment services that will enable new opportunities for partnerships in the evolving payments ecosystem, he says. Butler says Lynx will help provide new services to benefit participants and improve the customer experience through enhanced cybersecurity and resiliency capabilities. Real Time Rail will act as a platform for innovation, allowing financial institutions and payment service providers to develop improved and new ways for all Canadians to pay for goods and services and transfer money, she says. "Having modern, flexible payments systems that are aligned with global standards is also a key enabler for improving the cross-border payment experience, which is an area of important focus internationally — for customers, payment service providers, financial institutions and regulators," adds Butler.

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