KOHO’s vision for Canada’s Real-Time Rail and financial inclusion

An interview with Shane Parkhill, Director, Payments at KOHO

KOHO is a Canadian fintech that provides spending and savings solutions for Canadians. As a Payments Canada member, KOHO is now eligible to apply to participate on Canada's national payment systems, including the forthcoming Real-Time Rail (RTR). We spoke with Shane Parkhill, Director of Payments at KOHO, about how KOHO plans to use the RTR to deliver competitive, cost-effective solutions for Canadian consumers.

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What motivated KOHO to become a Payments Canada member?
Joining Payments Canada helps us build internal capabilities to ensure continuity of services, reliability and resilience while staying ahead of industry trends. It also unlocks the path to faster and more cost-effective payment solutions for our users. The ability to apply for access to Payments Canada’s systems supports KOHO’s mission to innovate and compete effectively, ultimately helping to deliver better products and services to all Canadians. 

How will KOHO use Canada’s RTR to benefit Canadian consumers, businesses and the overall Canadian payment industry? 
KOHO is currently in the process of applying for RTR participation. We will leverage Canada’s RTR to provide Canadians with faster and more cost-effective payment capabilities, reducing delays for Canadians who need access to their funds immediately and improving cash flow for businesses. In doing this, KOHO can continue to innovate its financial products and services to better serve Canadians. 

What initial and long-term benefits do your organization and your clients expect to see from the use of the RTR?
Initially, our customers will experience faster, more reliable access to funds, as well as instant liquidity. Long-term, KOHO expects the RTR to serve as a strategic lever, enabling competition and lowering costs. By connecting directly to the RTR exchange, fintechs should be able to invest into better rates (e.g., higher interest on savings, higher cash back, lower fees) for our customers.

What does 'payment equity' or 'financial inclusion' mean for your organization, and how does this membership help you achieve your goals in those areas? 
For KOHO, financial inclusion means ensuring every Canadian has access to fair, affordable and efficient financial services, regardless of income, location or banking history. This membership helps us reduce barriers to financial services and create products that better serve our users, ultimately creating more meaningful financial opportunities for all Canadians.

About KOHO:

Founded in 2014, KOHO is a forward-thinking fintech company dedicated to financially empowering a generation of Canadians. Driven by a genuine desire to help people make financial progress, KOHO has touched the lives of over 1.7 million users. Their mission is to make finance accessible, engaging and user-friendly, ensuring that everyone has the resources they need to take control of their financial future.