Job Description
Massey Henry is pleased to support the recruitment for aPresident and Chief Executive Officer(“CEO”) on behalf ofPayments Canada.Payments Canada underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, by-laws, rules, and standards.
About Payments Canada
Payments Canada underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, by-laws, rules, and standards.
Payments Canada is dedicated to delivering and operating payment systems that are innovative, secure, and globally connected in the pursuit of a Canadian payment ecosystem that is resilient, inclusive and enables fair competition as the foundation of our thriving economy.
The Canadian economy depends on the exchange of billions of dollars each day. Payments Canada ensures that the exchange and settlement of financial transactions in Canada are carried out safely and securely.
The value of domestic interbank payments cleared by our systems in 2023 was approximately $112 trillion or $450 billion every business day. In addition to operating clearing and settlement systems, Payments Canada plays an important role in setting policy, rules and standards for its systems and participants.
Regulatory and Governance Structure
Payments Canada is a public purpose independent organization with a Board of Directors composed of seven independent directors and five senior executives from member financial institutions, as well as the President and CEO. As a critical component of Canada’s financial system, Payments Canada is regulated by the Bank of Canada and the Minister of Finance. Payments Canada is in the midst of a large-scale development of payment infrastructure, with important implications for payments in Canada.
Purpose:Making payments easier, smarter, and safer for all Canadians.
Vision:A Canadian payment ecosystem that is resilient, inclusive and enables fair competition as the foundation of our thriving economy.
Mission:Dedicating ourselves to the delivery, operations, and governance of payment systems that are innovative, secure, and globally connected.
Mandate
The organization’s legislated mandate, as set out in the Canadian Payments Act, includes the following objectives:
Establish and operate national systems for the clearing and settlement of payments and other arrangements for the making or exchange of payments.
Facilitate the interaction of its clearing and settlement systems and related arrangements with other systems or arrangements involved in the exchange, clearing or settlement of payments.
Facilitate the development of new payment methods and technologies.
In fulfilling its mandate, Payments Canada meets the public policy objective of promoting the efficiency, safety and soundness of its clearing and settlement systems and considering the interests of users.
Corporate Strategy
Payments Canada is well on its way to realizing its vision of a thoroughly modernized payments infrastructure that will benefit all Canadians. To fulfill its vision and deliver on its mandate, Payments Canada follows and implements a five-year corporate plan.
This includes three long-term desired outcomes:
Modernize:Modernize the core payment systems, including the policies, rules, standards, and technology infrastructure.
Operate & Enhance:Strengthen management and overall performance in the key areas of payment systems resilience, and operational excellence.
Facilitate:Actively engage with payment system players to understand, inform and leverage market forces.
Innovation
Payments Canada operates within an innovative global sector.
The organization is on a multi-year journey to modernize Canada’s payment systems to maintain the country’s global competitiveness and support a vibrant, innovative payments ecosystem.
Massive innovation and the need for rapid transformation present opportunities and challenges for both established institutions and new entrants in the payments ecosystem. In addition, as payments become increasingly digital and the speed of payments accelerates, robust security practices must be in place to ensure the continued safety and soundness of the Canadian payments infrastructure.
In alignment with this broader industry shift, skills in the payments space will continue to be in high demand. The pace of change in the payments sector is exceptional and Payments Canada is committed to supporting its people through an emphasis on learning and development, and a collaborative and supportive culture.
Culture
In 2023, Payments Canada introduced new corporate values to reflect the organization’s culture and guide the future strategic direction, including:
Inspire Trust:We are driven by our public purpose mandate. We act together with integrity, are deliberate in our decisions and take accountability for our actions. We inspire trust by enabling members to transact payments safely and soundly for our stakeholders and all Canadians.
Build Community:We believe our differences make us stronger. We cultivate a supportive and respectful environment that encourages open dialogue and diverse perspectives. We love what we do and find joy in working together.
Enable Change:We are committed to innovation within the changing payment ecosystem. We learn with intention to generate new ideas and creative solutions. We enable change in our pursuit of excellence.
Payments Canada’s environment reflects a culture that is all about collaboration, autonomy, productivity, and trust. The organization quickly pivoted to address the challenges of the COVID-19 pandemic and has successfully transitioned its workforce to a hybrid work model.
As a public purpose organization, Payments Canada has made it a priority to represent the diversity of Canadians in its hiring and performance management processes. As well, the organization recognizes the fundamental importance of supporting employees who want to give back, offering multiple volunteer and fundraising opportunities and encouraging the corporate citizenship efforts of all employees.
The Opportunity
The President and Chief Executive Officer (“CEO”) is the strategic and operational leader of the organization, developing and implementing Payments Canada’s strategy while reporting to — and collaborating closely with — the Board of Directors.
Acting as the principal spokesperson of Payments Canada, the CEO cultivates and manages trusted and collaborative relationships with influential leaders to positively impact outcomes within a complex multi-stakeholder, competing interest environment, while building alignment to advance strategic imperatives on behalf of the organization.
The CEO has the unique opportunity to lead the development of the next phase of payments innovation in Canada, including influencing the evolution of real time payments, fundamental legislative changes, and advancing Canada’s global competitiveness in the payments ecosystem.
Key Accountabilities
Strategic Leadership
Lead the organization in the development and implementation of strategies necessary to attain Payments Canada’s goals and objectives, in collaboration with the Board of Directors and Executive Leadership team.
Develop a deep understanding of the needs of members and stakeholders and ensure these are reflected in the development of future strategy and existing operations.
Lead the development and execution of the annual planning process; review Payments Canada’s progress towards its strategic plans, reporting regularly to the Board on the organization’s development towards objectives.
Keep the Board fully informed of all significant operational, financial, and other matters relevant to Payments Canada, including legal, regulatory, and governmental policy developments.
Stakeholder Relationship Management
Act as the principal spokesperson for Payments Canada in national and international forums.
Build trusted and collaborative relationships with influential leaders, such as financial industry executives, fintech CEOs, senior government officials, and the Board of Directors, with a focus on understanding diverse perspectives and building alignment and commitment to advance strategic imperatives.
Foster strong ecosystem relationships and thought leadership.
Operations and Financial Performance
Manage long term funding and oversee the financial health and viability of the organization.
Ensure the operational and service delivery excellence for existing critical payment systems.
Payments Innovation and Evolution
As a forward-thinking visionary, initiate and lead payment ecosystem innovation and evolution.
Inspire the development and shaping of payments policy and regulation in Canada.
Team Leadership and Culture Development
Inspire and retain a strong executive leadership team.
Foster a high-performance corporate culture, motivating the internal team while championing a results-focused, innovative, and collaborative culture.
The Individual
The President and Chief Executive Officer (“CEO”) is an accomplished and respected leader with a proven track record of strategic and operational leadership excellence, ideally within the payments ecosystem, financial services sector, or related regulated industry.
A forward-thinking and visionary leader with exceptional stakeholder management skills, the CEO possesses the leadership presence, gravitas, and expertise to cultivate and manage trusted and collaborative relationships with influential leaders, while functioning as the primary spokesperson for a diverse set of members and stakeholders.
The CEO is also an engaging, inspiring, and self-aware leader, with a demonstrated ability to coalesce teams behind a compelling vision while building a results-focused, inclusive, and collaborative culture to advance Payments Canada’s interests.
Industry Experience
Extensive strategic and operational leadership experience, ideally within the payments ecosystem, financial services sector, or related regulated industry.
Significant business and culture transformation experience; depth of technological understanding, vendor management acumen, and preferably, leadership experience overseeing critical and highly resilient infrastructure.
Sophisticated understanding of domestic and international financial and/or payments systems, as well as the supporting technology landscape; an appreciation for the complexities and nuances of the Canadian system and regulatory environment.
Stakeholder Management
Demonstrated experience providing influential leadership and stakeholder management within a complex, multi-stakeholder, competing interest environment.
Proven experience cultivating and managing trusted and collaborative relationships with influential leaders such as industry executives, CEOs, senior government officials, and Board of Directors, with an objective to build alignment to advance strategic imperatives.
Experience working closely with a Board of Directors, including a clear understanding of the respective roles of the Board, Chair, and CEO; able to strategically draw on the counsel of the Board and individual Board members as needed.
Leadership Skills
Able to identify, attract, and retain a strong leadership team.
Demonstrated ability to coalesce teams behind a compelling vision, building a results-focused, inclusive, and collaborative culture to advance Payments Canada’s interests.
Possesses strong gravitas, experience and expertise to bolster the company brand and influence.
Candidate Motivation
The CEO is motivated by the opportunity to improve Canada’s payments system through strategic and international ecosystem partnerships and lead a purpose-driven organization uniquely positioned at the centre of the payments ecosystem. With a distinct opportunity to lead the development of the next phase of payments innovation in Canada, the CEO will play a critical role in influencing the evolution of real time payments, fundamental legislative changes, and advancing Canada’s global competitiveness in the payments ecosystem.
Key Leadership Competencies
Stakeholder Management
Comfortable, confident, and skilled at effectively managing multiple stakeholders with competing-interests, and capable of uniting them around a clear, shared vision.
Possesses an understanding of how to manage power dynamics and hold one’s ground, with the capabilities to adjust when necessary.
Strategic Clarity
Ability to adopt a big-picture, global perspective, while simultaneously incorporating the challenges of the domestic environment and the needs of a critical financial market infrastructure.
Leadership Proficiency
Engaging leadership style, capable of building, inspiring, and motivating change across teams,
Possesses strong self-awareness, with a calm demeanor and low ego.
Outcome and Results Driven
Fosters a results-driven culture; promotes a sound transformation plan; maintains momentum and ensures a rigorous and successful implementation.
Able to lead broad and longer-term culture change and transformation programs while possessing strong operational execution skills to deliver short term scorecard KPIs.
Experience in vendor management with global IT/outsourcing firms.
Proven capability to support the implementation of major system projects.
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