Payments Canada welcomes Neo Financial as a new payment service provider member
Payments Canada announced today the membership approval of Neo Financial Technologies Inc. (“Neo Financial”), which provides digital-first financial solutions.
Payments Canada continues to expand its membership following federal changes to the Canadian Payments Act that expanded membership eligibility to include payment service providers (PSPs) supervised under the Retail Payment Activities Act (RPAA).
Neo Financial is a leading Canadian fintech company offering digital-first credit cards, chequing, high-interest savings accounts and mortgages and is the latest PSP to obtain Payments Canada membership.
“As we continue to expand our member base, we’re proud to welcome Neo Financial as part of the next wave of innovative Canadian companies working to modernize our payment landscape,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “The continued addition of diverse perspectives from payment service providers like Neo into our member base will, alongside our existing members, allow us to ensure Canada’s payment ecosystem evolves to remain inclusive and prioritize choice for Canadian consumers and businesses.”
"Payments Canada membership marks another significant step in Neo's evolution as a key player in Canadian financial services infrastructure,” said Jeff Adamson, Co-Founder and Chief Commercial Officer at Neo Financial. “Having a direct voice in shaping how it evolves puts us in a position to be in direct control of our roadmap to build better and faster for the Canadians we serve. We're proud to help modernize the systems that power the payments that touches every Canadian."
Payments Canada members are able to have a direct voice in policies and rules that shape the Canadian economy. With the expanded eligibility to Payments Canada membership, new PSP members are also eligible to apply to participate in Canada's national payment infrastructure.
All members that apply for participation on our systems must meet rigorous technical, operational and security requirements in order to ensure the continued safety and resilience of these systems.
Eligible organizations are welcome to explore the benefits of membership and contact us at info@payments.ca for more information.
About Payments Canada
Payments Canada enables prosperity, productivity and safety for Canada through trusted, critical national payment infrastructure. As a public-purpose, not-for-profit organization, we own and operate Canada’s critical national payment systems: Lynx, our high-value payment system; the Automated Clearing Settlement System (ACSS), our retail batch payment system; and the forthcoming Real-Time Rail (RTR). We establish the by-laws, rules and standards that govern these systems, which cleared and settled $103 trillion in 2025 — more than $411 billion every business day. Transactions that pass through our systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. In collaboration with our diverse membership, we continue to modernize Canada’s payment ecosystem to promote innovation, competition and deliver efficiencies that power a modern economy.
For media inquiries, please visit Payments Canada’s media centre.
