Payments Canada approves six new members as Rail nears

Payments Canada has approved six new members, bringing the total admitted under its expanded eligibility rules to 22 in the first year since the framework changed.

The new members are Bounce Finance, Everlink Payment Services, Nium Canada, Pesapeer, Remitly Canada and Vancouver City Savings Credit Union, which operates as Vancity. Their admission follows regulatory changes that widened access to Payments Canada membership to payment service providers registered under the Retail Payment Activities Act, local credit unions that are members of a central, and clearing houses of systems designated under the Payment Clearing and Settlement Act.

Membership gives organisations a route to apply for direct participation in Payments Canada's systems, including Lynx, the Automated Clearing Settlement System and the forthcoming Real-Time Rail. Access still depends on meeting the technical, operational and security standards for each participation model.

The approvals come on the first anniversary of the expanded framework introduced after amendments to the Canadian Payments Act and implementation of the Retail Payment Activities Act in September 2025. Those changes opened the door to a wider range of financial and payments firms seeking direct links to national payments infrastructure.

Canada's Finance Minister linked the changes to broader economic policy.

"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."

Membership shift

The latest approvals point to continued demand from firms seeking more direct access to the country's core payment rails. Payments Canada owns and operates the infrastructure behind high-value and retail batch payments in Canada and is preparing to launch a real-time system.

In 2025, transactions cleared and settled through its systems totalled $103 trillion, or more than $411 billion on each business day. These flows include debit card payments, pre-authorised debits, direct deposits, bill payments, wire payments and cheques.

Donna Kinoshita, Chief Payments Officer at Payments Canada, said the first year under the revised regime had drawn interest 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 focus

A major reason for the rising interest is the planned launch of the Real-Time Rail in the fourth quarter of 2026. Payments Canada described the system as a new national platform for instant, data-rich payments available at all times.

The initial version is expected to generate between $5.3 billion and $14.5 billion in cost savings over the next decade, with wider economic gains of $16 billion over the same period. That figure could rise above $27 billion as additional functions are added, according to the organisation.

The latest members pointed to that shift in explaining their decisions to join.

"Our members expect banking and payments to be simple, secure and fit seamlessly into their daily lives. Joining Payments Canada is an important step in helping Vancity meet those expectations while contributing to the future of Canada's payments ecosystem. As payment systems continue to evolve, this membership will help us deliver better experiences for our members and ensure the perspective of a member-owned financial co-operative is represented in shaping what's next," said Wellington Holbrook, President and CEO of Vancity.

"As Canada strengthens its payments infrastructure for a more connected global economy, we want to be an active participant in that evolution. The Real-Time Rail is one of many opportunities to help shape Canada's payments ecosystem. As a global company investing in Canada, we're excited to bring what we've learned across markets around the world while building for the distinct needs of Canadians. Ultimately, better infrastructure means faster, more transparent and more reliable ways for Canadians to move and manage their money globally," said Jung Lee, General Manager of Remitly Canada.

Other entrants also tied membership to direct participation in the next phase of Canada's payment system.

"Becoming a member of Payments Canada represents an important milestone for Pesa and reflects how far we have come in building trusted financial infrastructure in Canada. 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," said Tolulope Osho, CEO and Co-Founder of Pesa.

"Money movement in Canada is at a critical inflection point. Expanding access to its national payment infrastructure is a meaningful step toward a more competitive and connected ecosystem. Joining Payments Canada gives Nium a formal role in that evolution and a pathway to participate in the systems underpinning the Canadian economy. We look forward to bringing our experience building global payments infrastructure to this work, with a shared focus on making money movement faster, more certain and less complex," said Prajit Nanu, Founder and CEO of Nium.

"Our FIS Everlink membership in Payments Canada advances our commitment to assist customers navigate the next era of payments modernization. With opportunities such as Real-Time Rail on the near horizon, we can deliver secure, modern and future-ready payment solutions for financial institutions across Canada today," said Mark Ripplinger, President of FIS Everlink.

"Bounce is thrilled to join Payments Canada and help shape the future of everyday payments in Canada. Canadians still move billions by cheque, cash and manual transfer for things like splitting with friends, rent, sports dues and paying a contractor. These are exactly the payments Bounce is built to power: keep your bank, pay a friend, get paid by your customers, with a QR code, a link or simply your username. Our intention is to participate in the forthcoming Real-Time Rail, and our contribution will be to provide Canadian products and services that put it in consumers' and merchants' hands. Bounce is live today for everyday payments. Bounce me @Ariane," said Ariane Durand, Co-CEO of Bounce.