A recent report from PwC showed that it is in the best interest of incumbent financial institutions to collaborate with fintech startups in order to thrive in a rapidly evolving digital era.
CWB Financial Group and Payfirma this week announced a new strategic partnership. The first of its kind in Canada, the collaboration will provide CWB with a white labeled version of Payfirma’s payment technology platform, PayHQ.
The release of CWB PayHQ this May will allow CWB to add an integrated, omni-channel merchant services platform to its portfolio of business services products.
“CWB was quick to recognize the positive impact a white labeled version of PayHQ would have on their merchant clients,” said Michael Gokturk, CEO of Payfirma. “We couldn’t be happier about our new partnership and everyone at Payfirma is excited! We look forward to collaborative innovation with CWB to push the boundaries of what is available in the market today.”
“At CWB, as a business-focused bank, our core financial solutions are targeted to the unique needs of our business clients,” noted Stephen Murphy, Executive Vice President, CWB Financial Group. “We think innovative fintech partnerships like this one will give us the edge in providing superior service to our targeted clients.”
“Industry changes, shifting customer expectations, rising costs and a rapidly shifting technological landscape continue to challenge the traditional banking model,” PwC’s report, titled “Canadian Banks 2017,” read. “FinTech startups, technology giants and other non-traditional players continue to make inroads in the marketplace. And Canada’s payments infrastructure is embarking on its largest overhaul in decades.”