Build It & They’ll Come: Payment Standardization & Modernization

Bruce Schneier of IBM ended his main stage presentation at the Payments Canada Summit by telling the world not to use the blockchain. Although he was speaking from a security perspective, his words were more far-reaching than that. For decades, the payments industry has been plagued by archaic infrastructure, old messaging protocols, batch processes, and institutional players that are long in the tooth. The industry youngsters often wave the blockchain flag with the promise of a better, more efficient world. However, that only works if everyone hops on board to implement a common language for payments, both domestically and internationally.

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