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Executive Education

Business of Payments

In 2019, the total payments market in Canada grew to 22 billion consumer and business transactions worth $9.9 trillion – and the market continues to change, rapidly.

Traditional players in the payments market are extending products; fintech and bigtech are disrupting products and infrastructure; at the same time, domestic and global regulatory bodies are moving rapidly to adapt.

These changes can mean big opportunities for your organization if you know how to use them to your advantage. The Business of Payments program helps payments leaders harness these opportunities.

Over the course of six half-days, you will gain a solid understanding of the changing context of the payments landscape, and the forces and trends shaping its future. You will develop the knowledge and competencies you need to stay ahead.

We are currently planning for the next cohort in early 2022. Details to come in fall 2021. 

This program has been designed in partnership with Rotman School of Management and Payments Canada and is targeted at those who aspire to turn their payments knowledge into an industry advantage.

The ideal candidate will have a basic understanding of payments systems, and a passion to broaden their understanding of payments as a whole. Upon completion of this course, participants will sit at a significant advantage, having knowledge of the most up-to-date methods and approaches to the payments ecosystem.

$4950 + GST

Is your employer sponsoring you in this program? They may be eligible for support through the Canada Job Grant.

The program includes the following course topics:

Canadian Innovation and the Big Prize: Explore Canada's place in the global economy and its innovation ecosystem. The course covers innovations within the payments industry and the country's move towards a fully modernized payments system.

Integrative Thinking: Enhance your Integrative Thinking process with this systematic approach. You'll learn to re-frame the challenges associated with evolving the payments processes by searching for novel solutions built from existing models.

Payments Here and There: Global Payments: Understand the framework which informs the optimal design of a payments system and how to meet the policy goals set by regulators of Canada's payment industry. The course will also cover other global markets and how these international experiences can help to move the Canadian payments system forward.

The Payments Industry in Canada: Learn how to link functions in the payment ecosystem with the payment flows for different types and forms of payments and businesses. Discuss and link innovations in forms of payment and in payment flows with examples of the introductions of new business models.

Disruption of Payments: Discover the importance of data strategies and the increased deployment of blockchain technology and other security strategies to ensure the integrity of payment systems.

FinTech: Examine existing PayTech and FinTech innovation ecosystems and explore the challenges and opportunities of major players. Gain an understanding on how forces, trends, new players, and new tech transform the way we exchange value.

Flexible Learning Design

We have curated the design of the Business of Payments program into an online, synchronous format. The online architecture respects both the challenges of working from home and uses appropriate pedagogy to ensure that you are able to apply what you’ve learnt directly on the job. While difficult to recreate a face to face delivery experience, we have been thoughtful in our approach to the program considering your needs and to ensure that you build and maintain connections with your peers. Faculty will be using a multitude of interactive devices to encourage participation and increase the networking opportunities so that you can also learn from each other.

Walid Hejazi 

Walid Hejazi is an Associate Professor of Economic Analysis and Policy, and Academic Director, at the Rotman School of Management. He has researched, advised, and testified extensively on global competitiveness, and is currently working on a series of studies which shed light on the competitiveness and productivity of Canadian firms. He teaches Macro and Global Economics in Rotman’s MBA and EMBA programs and has also delivered lectures in over 30 countries. Walid has also developed and teaches a successful MBA course in Islamic Finance, the first such course in Canada. He is extensively involved in enhancing the prevalence of Islamic Finance in Canada He is currently writing a book on Islamic project finance and has several ongoing research projects in the area.

Andrew McFarlane 

Andrew became Payments Canada’s Executive Director of Modernization in March 2020 and is currently responsible for leading the modernization of Canada’s core clearing and settlement payments infrastructure.

As a member of the Accenture team, Andrew has been a valuable contributor to our Modernization program since early 2017, working with our member financial institutions and other stakeholders in Canada to gain their support for modernizing payments. Prior, Andrew consulted extensively in the financial services industry with Accenture in Ireland, in addition to leading the consulting firm’s open banking activities globally and shaping Accenture’s response to the Payments Services Directive 2 (PSD2) in Europe.

Tracey Black

Tracey Black is the President and CEO of Payments Canada. Building on the organization’s past success, Tracey provides the leadership to define the next stage of Payments Canada’s evolution, supporting the payment needs of Canadian consumers and businesses, and empowering a new era of modern payments.

Prior to Tracey’s appointment as President & CEO in March 2020, and since joining the organization in November 2018, Tracey was the Executive Director of Modernization, responsible for leading the modernization of the Canadian core clearing and settlement payment infrastructure.

Tracey has held executive roles at TD Canada Trust and RBC Royal Bank, and has consulted extensively in the financial services industry as an independent consultant, and with McKinsey & Company. Previously, Tracey was the President of GFH Group Inc, where her responsibilities included the launch of chip cards (or smart cards) in Canada.

Tracey has more than 20 years of professional experience with extensive industry knowledge and deep expertise in payments strategy and innovation. Areas of Expertise: Payments in Canada, Next Generation Clearing and Settlement Infrastructure, Modernization

Jan Pilbauer

As BankservAfrica’s Chief Payments and Innovation Officer, Jan sets our business strategy, leads new business development and strategic partnerships, and oversees payments modernisation in South Africa. Jan has extensive transformational leadership experience from previous roles in Europe and North America. Before joining BankservAfrica, he designed and led the modernisation of core clearing and settlement payment infrastructure in Canada, including implementation of ISO 20022. His passion for financial inclusion and how technology can make our world a better place, drives him to work with international organizations and governments, assisting them with setting and executing modernisation strategies and promoting cashless economies. Jan has led experiments with distributed ledger technology and crypto-currencies and maintains strong ties with the fintech community.

John Oesch

John Oesch is an Associate Professor, Teaching Stream and Academic Director, Morning & Evening MBA Program at Rotman, teaching in the MBA, EMBA, OMNIUM, and Rotman Commerce programs. His teaching interests are in the areas of decision making, negotiation and change leadership. He has research interests in the areas of decision making, managerial negotiations and organizational justice. His publication record includes the Journal of Business Venturing, Social Justice Research, Games and Economic Behavior, and Organization Science.

Mike Bradley

With nearly 30 years in payments and digital banking, Mike helps develop payment strategies for FIs, networks and processors across North America. In addition to work for Payments Canada, Northcard’s assignments have included: leading a mobile payments initiative and several strategy engagements for Canada’s largest credit unions; engagements for Visa USA on consumer credit products and chip roll-out; and developing new product initiatives for Rogers, Moneris and others.

Prior to Northcard, Mike led Visa Canada’s product team through the IPO period, directing the launch of new products including Chip & PIN, Visa PayWave, Visa Debit, the prepaid category and Digital Wallet trials. Mike had earlier senior management roles with Bank of Montreal and the Canadian Bankers Association. Mike grew up in Halifax and Montreal and now lives in Toronto. He is married, has two boys and spends a lot of time in hockey rinks.

Andreas Park

Andreas Park is an Associate Professor of Finance at the University of Toronto in the Department of Management at University of Toronto at Mississauga, with a cross appointment to the Finance area at Rotman. He has been a University of Toronto faculty member since 2003. His research covers empirical topics, such as the market impact of maker-taker pricing, dark orders, and high frequency trading, and theoretical topics, such as herd behavior in financial markets and the impact of trading mechanisms. His work has been published at, e.g., Econometrica, the Journal of Finance, and the Journal of Financial and Quantitative Analysis. He has received and has been an affiliate on a number of research grants, including from the ESRC, SSHRC and the GRI. Andreas has served as Co-Director of the Master of Financial Economics program at University of Toronto, and he teaches courses on Market Microstructure, Trading, Investments, Asset Pricing, and Corporate Finance. His current research focuses mostly on impact of high frequency trading and recent market structure chances in Canadian markets. Andreas is currently a member of the Ontario Security Commission’s Market Structure Advisory Committee.

Program Brochure