Darrell MacMullin

TD is selling its merchant payment business to Fiserv. TD was the last big Canadian bank still operating its merchant processing unit: - RBC & BMO co-own Moneris - CIBC outsources to Global Payments Inc. - Scotiabank outsources to JPMorganChase Why? Payment processing is a competitive, low margin, tech intensive business. Outsourcing allows TD to focus on is core services (banking) and retains the client relationship, while still earning a referral fee on payments. —- Want more? Subscribe to the Canadian Fintech Newsletter in the comments below 👇

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We’re proud to share that VeriPark is now a Central 1–certified digital banking vendor. What this means for Canadian credit unions: • Seamless migrations from Central 1’s digital banking solutions • Pre-built integrations with core payment services: • Continued use of Central 1’s payments infrastructure & fraud monitoring • Confidence in compliance across federal and provincial requirements “This certification demonstrates our ability to deliver seamless continuity for credit unions and solidifies our commitment to serving credit union members and institutions with a best-of-breed digital banking solution—secure, scalable, and innovative.” — Michel Diab, Chief Marketing & Strategy Officer, VeriPark We’re excited to support more Canadian credit unions with modern, AI-first digital experiences. 🔗 Read the full announcement: https://lnkd.in/d_43An65 #VeriPark #Central1 #CreditUnions #DigitalBanking #Payments #AIinBanking #CustomerExperience #FinancialServices #Canada

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Canada’s transition to “a more digital mindset” for treasury operations is accelerating, with the country’s first real-time rail for payments coming soon. Learn how Bank of America is leading this change: https://go.bofa.com/4tolj8

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Recently, I spoke with CanadianSME about the transformative potential of open banking for Canadian small businesses. In the article, I explore how secure data sharing, personalization, and innovation can unlock new growth opportunities for small businesses across the country. From streamlining operations to enabling smarter lending, open banking is reshaping the financial landscape.    If you’re interested in learning more, you can check out the full article here: https://lnkd.in/gPMnDnen If you're interested in learning more about our recent open banking survey report, you can checkout the full article here: https://lnkd.in/gt4dT5if #EYCanada #ShapeTheFutureWithConfidence

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The Bank's AI team – Layer 6 – recently announced a new predictive foundation model. TD AI Prism represents a giant leap forward when it comes to providing AI supports and solutions for banking clients. Traditionally, AI technologies are often designed to perform a single task, such as identifying which customers were most likely to need to open a savings account next. But predictive foundation models, such as TD AI Prism, go to the next level and can predict, for example, which customers may need a range of savings or investment products to help suit their needs. Learn more about how TD AI Prism works and what the model means for TD clients and colleagues: https://go.td.com/4lZOphL

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The Real-Time Rail will enable payment service providers to offer their clients immediate funds delivery and 24/7/365 payment processing through always-on, real-time clearing and settlement. Payments Canada released a new guide to help payment service providers leverage the full benefits of Real-Time Rail participation. The guide outlines the process for becoming a Payments Canada member and Real-Time Rail participant, along with the technical, operational and business requirements to participate. We look forward to welcoming new members and supporting payments service providers through the process of determining eligibility and becoming a Real-Time Rail participant. Download the new Real-Time Rail guide for payment service providers: https://lnkd.in/gzSDvZWe Read Payments Canada’s announcement to learn more: https://lnkd.in/gGAUJNBG #PaymentsMatter

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Gen AI is having an increasingly larger impact on many industries versus other historic innovations. The Banking industry in Canada has been slower to adopt and regulators have been cautious about its deployment. It might be a great equalizer for smaller banks, credit unions and fintechs as we compete with the large banks. Deciding which business lines and the depth to deploy will be a key part of strategic planning this year for most institutions. McK has a good article on this topic. Enjoy the read.

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