Payments Canada has accepted six additional participants, raising the count of entities admitted under the broadened eligibility criteria to 22 during the inaugural year of the revised framework. The newcomers are Bounce Finance, Everlink Payment Services, Nium Canada, Pesapeer, Remitly Canada and Vancouver City Savings Credit Union, which trades as Vancity.
Their inclusion follows regulatory adjustments that expanded eligibility to payment-service providers registered under the Retail Payment Activities Act, local credit unions affiliated with a central, and clearing houses for systems identified in the Payment Clearing and Settlement Act. Membership provides a channel for organisations to seek direct involvement in Payments Canada’s platforms, such as Lynx, the Automated Clearing Settlement System and the upcoming Real-Time Rail, though participation still requires compliance with the technical, operational and security requirements of each model.
New Rules Open Doors for More Firms
The approvals arrive on the one-year anniversary of the new framework that was introduced after amendments to the Canadian Payments Act and the rollout of the Retail Payment Activities Act in September 2025. Those revisions opened the pathway for a broader spectrum of financial and payments companies to obtain direct connections to the country’s national payments network.
Canada’s finance minister tied the reforms to wider economic objectives. “Modernizing Canada’s payments ecosystem is an important part of building a stronger, more competitive economy,” said the Honourable François-Philippe Champagne, Minister of Finance and National Revenue. “The expansion of Payments Canada’s membership framework is creating new opportunities for innovation and competition while maintaining the safe and secure payment systems Canadians rely on. As more organizations prepare to participate in the Real-Time Rail, Canadians and businesses will benefit from faster, more efficient payment services.”
The latest admissions show ongoing interest from firms that want more direct entry to Canada’s core payment rails. Payments Canada operates the backbone for both high-value and retail batch transactions and is gearing up to launch a real-time service. In 2025, the volume of transactions processed and settled through its systems amounted to $103 trillion, exceeding $411 billion each business day. The flow encompasses debit-card purchases, pre-authorized debits, direct deposits, bill payments, wire transfers and cheques.
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Donna Kinoshita, Chief Payments Officer at Payments Canada, noted that the first year under the new rules attracted attention from both payment-service providers and credit unions. “Welcoming 22 members in our first year under the expanded eligibility framework demonstrates the industry’s strong desire to modernize payments and build upon Canada’s national critical payment infrastructure,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “Membership is a necessary key that unlocks new ways to engage with Payments Canada as well as the pathway to apply for system participation. Seeing such a diverse range of payment service providers and credit unions step forward shows that Canada’s payment industry is actively preparing to catalyze the full economic benefits of modern payments.”
Real-Time Rail Project to Boost Economy
A key driver of the heightened interest is the scheduled rollout of the Real-Time Rail in the fourth quarter of 2026. Payments Canada describes the initiative as a nationwide platform for instantaneous, data-rich payments that will operate continuously. The first phase is projected to yield cost reductions between $5.3 billion and $14.5 billion over the next ten years, with broader economic gains estimated at $16 billion in the same span; the total could climb past $27 billion as additional capabilities are incorporated.
Wellington Holbrook, President and CEO of Vancity, said joining Payments Canada helps the co-operative meet member expectations while contributing to the future of the payments ecosystem. “As Canada strengthens its payments infrastructure for a more connected global economy, we want to be an active participant in that evolution,” Wellington Holbrook said. Tolulope Osho, CEO and Co-Founder of Pesa, tied membership to the upcoming Real-Time Rail. “As the country prepares for the Real-Time Rail, we are excited about the opportunity to participate more directly in Canada’s payments ecosystem and ultimately deliver faster, more efficient and innovative payment experiences for our customers,” Tolulope Osho said.
Members Prepare to Integrate with Core Systems
Becoming a member opens a formal route to direct involvement in the systems that underpin the Canadian economy. Nium intends to apply its experience in building global payment infrastructure to this effort, aiming to make money movement swifter, more reliable and less complicated. FIS Everlink views the membership as a step forward in its pledge to support clients, enabling the firm to offer secure, modern and future-ready solutions to financial institutions throughout Canada.
