Payments Canada, the public purpose organization responsible for owning and operating Canada’s payment systems, is undergoing a leadership transition.
Tracey Black, the president and CEO, has decided not to renew her term, the organization said in a Wednesday (Feb. 7) press release.
Black, who has been instrumental in leading major payment modernization initiatives since joining Payments Canada in 2018, will complete her term through the end of March, according to the release.
The Board will launch an internal and external search to identify her successor, the release said.
To ensure a smooth transition, the Payments Canada board of directors has appointed its chief financial officer, Kristina Logue, and its chief delivery officer, Jude Pinto, as interim co-CEOs, effective April 1.
Logue will oversee the day-to-day functions of the organization, including financial oversight and planning, while Pinto will focus on innovating Canada’s payment ecosystem with a focus on safety, resilience and inclusiveness, per the release.
The board expressed gratitude to Black for her contributions to Payments Canada and the progress made in modernizing the payment ecosystem, according to the release.
Under her leadership, Payments Canada has collaborated with the payment ecosystem to innovate payment systems and rules, ensuring Canada’s competitiveness globally, the release said. The organization’s systems have operated with nearly 100% availability, demonstrating resiliency and safety.
Among the notable achievements during Black’s tenure were the seamless implementation of Lynx, which replaced the Large Value Transfer System (LVTS), and the second release of Lynx, which introduced the ISO 20022 financial message standard for data-rich payments, per the release.
Black also played a crucial role in expanding access to Canada’s national payment infrastructure, setting the stage for future innovation in digital payments, the release said. Additionally, Payments Canada has made significant progress in the design and preparation for the implementation of the new Real-Time Rail (RTR) payment system.
Canada was set to roll out RTR in 2023, but Payments Canada decided in June to delay the rollout, saying at the time that it would review its delivery risks in anticipation of the launch date and undergo additional testing and investments.
During the transition period, interim co-CEOs Logue and Pinto will receive support from the full executive leadership team, per the release.
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