Payments Canada welcomes Tru Cooperative Bank as newest member
Tru Cooperative Bank (formerly First West Credit Union) is now a member of Payments Canada following its approval as Canada’s newest federally-regulated credit union. A federally regulated credit union is a financial institution governed by the Bank Act and regulated by the Office of the Superintendent of Financial Institutions (OSFI).
Tru Cooperative Bank joins an increasingly diverse group of Payments Canada members that strengthens competition and innovation for the benefit of Canadian consumers and businesses.
Payments Canada membership includes the Bank of Canada, domestic banks and authorized foreign banks, life insurance companies, securities dealers, money market mutual funds and other deposit taking institutions. Amendments to the Canadian Payments Act in 2025 opened membership to also include payment service providers as defined in the Retail Payment Activities Act, credit union locals that are members of a central, and clearing houses of systems designated under the Payment Clearing and Settlement Act.
Membership provides access to policy development, research and payment expertise, allowing organizations to help shape the future of payments in Canada.
Payments Canada welcomes all eligible organizations to explore the benefits of membership by contacting us at info@payments.ca. A full list of current member organizations is available on our directory page.
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.
