Vocalink wins Canadian clearing and settlement system contract

Vocalink wins Canadian clearing and settlement system contract

Mastercard's Vocalink has won the contract to build the clearing and settlement infrastructure for Canada's new real-time payments system.

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Justin Trudeau warns that “It’s Going to be a Tough Year” as the numbers come in for the 2023 economic forecast. This of course made no effect in his government’s decision to raise taxes across the board on Canadians.

Canadian Federation of Independent Business (CFIB):

The Canadian Taxpayers Federation report:

True North articles:



CTV News:

Trudeau asked about servicing the debt:

#canada #tax #increase

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Token – A Modern Instant, Secure Payment System

Token is building an elegant architecture to solve the faster payments problem worldwide.

We took a clean sheet approach to designing a modern payment system that would meet the needs of regulators and banks worldwide, not just in the US.

We spent nearly 2 years designing a new secure system architecture. Token is a brand new real-time payment rail, built on “bare metal” (central bank transfer) and not an overlay system built on existing transports such as ACH. We use a new paradigm, the “smart token” to encapsulate value and emulate payment paradigms. These smart tokens can be thought of like a digital version of a personal check if issued at the request of a person or like a banknote if issued by the bank. All tokens are issued and redeemed at banks. Banks involved in all transactions. Transactions happen directly between the banks and the bank’s customers. Transactions post and clear instantly. There are no usernames or passwords or one-time codes. We eliminated all the shared secrets so there could not be a mass breach.

Token supplies software to banks. The server piece runs inside the bank’s data center. The client piece runs inside the bank’s mobile app. There are SDK’s for merchants and software developers.

We are very excited about the architecture of our final design. It is a big step forward from today’s payment rails.

We are moving forward today with proof of concept demos with large banks in the US and EU.

The 7 minute video we put together describes some of the highlights of our design and the design choices we made. We welcome your comments on our approach.

You can contact us at [email protected]

Effectiveness Criteria addressed:
• U.1 Accessibility
• U.2 Usability
• U.3 Predictability
• U.4 Contextual data capability
• U.5 Cross-border functionality
• U.6 Applicability to multiple use cases
• E.1 Enables competition
• E.2 Capability to enable value added services
• E.3 Implementation timeline
• E.4 Payment format standards
• E.5 Comprehensiveness
• E.6 Scalability and adaptability
• E.7 Exceptions and investigations process
• F.1 Fast approval
• F.2 Fast clearing
• F.3 Fast availability of funds to payee
• F.5 Prompt visibility of payment status
• S.2 Payer authorization
• S.3 Payment finality
• S.4 Settlement approach
• S.7 Security controls
• S.8 Resiliency
• S.9 End-user data protection
• S.10 End-user/provider authentication
• L.4 Data privacy
• L.5 Intellectual property

One world, one platform. Why wait? – David Yates, Vocalink