From next-day certainty to instant reality: Empowering merchants through real-time settlement

An interview with Sereena Boparai, Chief Revenue Officer at Paramount Commerce.

Paramount Commerce is a leading pay-by-bank platform that aims to create simple and efficient payment experiences for merchants. To support these efforts, Paramount Commerce has become a Payments Canada member, now enabling them to apply for participation on Canada's national payment systems, including the forthcoming Real-Time Rail (RTR). We heard from Sereena Boparai, Chief Revenue Officer at Paramount Commerce, about their plans to leverage the RTR to help meet the real-time expectations of Canadian consumers and businesses in today’s digital economy.

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Why did Paramount Commerce become a member of Payments Canada?
Joining Payments Canada is a milestone that supports our mission to lead the growth of account-to-account payments. Our primary motivation is ensuring our partners, merchants and consumers have a seat at the table. As a member, we can participate in the committees and working groups that define the rules and standards shaping the future of the Canadian ecosystem.

Membership is also the essential first step toward becoming a direct participant on Canada’s forthcoming RTR, and I’m excited to say that we have already begun that application process. For Paramount Commerce, this membership validates our role as a trusted provider and allows us to advocate for a more competitive and inclusive payment landscape.

How does Paramount Commerce plan to use the RTR to benefit Canadian consumers, businesses and the overall Canadian payment industry?
We plan to use the RTR to drive market diversity and competition. As Canada’s largest independent pay-by-bank provider, we offer an alternative to card networks and incumbent financial institutions, which reduces market concentration and lowers costs for everyone.

For businesses, the RTR enables instant, irrevocable payments that improve cash flow and eliminate the delays of traditional methods. For consumers, it provides immediate payment confirmation and faster access to e-commerce refunds. By leveraging the RTR for our significant volume, we will meet the demand for modern, real-time alternatives in high-growth sectors like e-commerce, billing, gaming and remittance.

How do you see your clients' needs and/or business offerings changing as a result of the RTR and real-time settlement?
The shift to real-time settlement will move our clients from a world of next-day certainty to instant reality. As the "waiting game" of payment processes disappears, we expect our merchants to shift their focus toward dynamic liquidity management.

For example, in high-growth sectors like gaming or remittance, the ability to offer instant payouts will become a baseline requirement rather than a premium feature. Our clients will need—and we will provide—more sophisticated, real-time reporting tools to manage these rapid cash movements.

Furthermore, as businesses move away from the high costs of card networks, they will look to us for deeper integration into their own enterprise resource planning (ERP) and accounting systems to take full advantage of the instant reconciliation that the RTR provides. Ultimately, the RTR allows our clients to stop worrying about when they will get paid and start focusing on how to use that capital to grow their businesses.

What initial and long-term benefits do your organization and your clients expect to see from the use of the RTR?
Right away, clients get faster access to their money. Payments settle in real time instead of waiting overnight, which means better cash flow visibility and less capital sitting idle between transactions.

Longer term, the RTR will give us a stronger foundation to build better payment tools, simpler reconciliation and experiences that match how people expect money to move today. Direct access to the system also means we can move faster and pass those improvements on to merchants without depending on intermediaries.

What advice would you give a PSP considering Payments Canada membership?
Our advice is to view membership not just as a regulatory requirement, but as a strategic opportunity to drive the industry forward. For PSPs like Paramount Commerce, being a member provides the essential foundation for direct participation in the RTR.

It is important to come to the table ready to contribute. Ensure your operational infrastructure and risk controls are aligned with national standards early in the process. As one of the first PSP members, we believe that active engagement in the committee process is the best way to ensure the needs of your specific merchant and consumer base are represented in the future of Canada's digital economy.

As a new member, how do you plan to collaborate within the Canadian payment ecosystem?
We plan to work closely with Payments Canada, financial institutions and policymakers to advance the adoption of account-to-account payments. Membership allows us to contribute to the working groups and rule-making processes that define how systems like the RTR operate.

With over 20 years of experience in bank-verified payments, we bring practical, front-line insights into fraud prevention, user experience and the evolving needs of merchants. By collaborating with both incumbent banks and fellow payment service providers (PSPs), we aim to support the build of a more competitive, innovative and resilient payment landscape that benefits all Canadians.

About Paramount Commerce

Paramount Commerce is on a mission to simplify payments and is Canada’s leading pay-by-bank payment partner. Paramount Commerce’s patented technology is used by millions of consumers and has processed over $100 billion in volume. Offering one-click payments, a robust risk management system, a best-in-class experience, seamless integration and over 20 years of industry experience, Paramount Commerce creates raving fans of both merchants and consumers.