Payments Canada welcomes six new members as expanded membership eligibility reaches one-year milestone
Twenty-two new members have joined since 2025 regulatory changes — a necessary step for those seeking access to critical national payment infrastructure, including the forthcoming Real-Time Rail.
OTTAWA, ON — October 1, 2026: Payments Canada announced today the approval of 6 new members: Bounce Finance Inc. (“Bounce Pay”), Everlink Payment Services ULC (“FIS Everlink”), Nium Canada Corporation (“Nium”), Pesapeer Incorporated (“Pesa”), Remitly Canada, Inc. (“Remitly”) and Vancouver City Savings Credit Union (“Vancity”).
This milestone coincides with the first anniversary of expanded Payments Canada membership eligibility—a strategic shift driven by two converging legislative developments that took effect in September 2025: historic amendments to the Canadian Payments Act to expand membership eligibility and implementation of the Retail Payment Activities Act (RPAA). Combined, these developments have enabled continued membership growth and momentum.
By expanding membership to payment service providers (PSPs) registered under the RPAA, local credit unions that are members of a central, and clearing houses of systems designated under the Payment Clearing and Settlement Act, a broader range of organizations are eligible to become members of Payments Canada and may choose to apply to participate directly in our payment systems. These are Lynx (Canada’s high-value payment system), the Automated Clearing Settlement System (ACSS, Canada’s retail batch payment system) and the Real-Time Rail (RTR), Canada's forthcoming real-time payment system.
Ensuring the safety and soundness of Canada’s payment systems remains a foundational priority for Payments Canada. Connecting to our systems requires meeting rigorous technical, operational and security standards tailored to each chosen participation model. These safeguards ensure that as our membership grows, the safety and resilience of Canada's national payment infrastructure are continuously protected.
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.”
“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.”
Set to launch in Q4 2026, the RTR is a critical new piece of national infrastructure that will empower Canadians to safely exchange instant, data-rich payments, 24/7/365. With its initial capabilities at launch, the RTR is expected to generate between $5.3 billion and $14.5 billion in cost savings over the next decade, driven by lower processing costs, reduced usage of cash and cheques and float reduction, the period where funds are temporarily unavailable to the recipient. Over the next decade, this translates to $16 billion in economic gains — a figure that could reach over $27 billion as new functionalities are introduced over time.
As the system evolves, tangible benefits will be unlocked across the economy — helping gig workers access earnings instantly, giving small businesses real-time access to funds, speeding up loan payouts and eliminating delays in supplier payments.
Eligible organizations are invited to explore the benefits of membership and contact Payments Canada at info@payments.ca to learn more about the application process.
Contributed quotes
"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."
Wellington Holbrook, President & CEO
Vancity
“As Canada strengthens its payments infrastructure designed for a more connected global economy, we want to be an active participant in that evolution. The Real-Time Rail is one important part of the many other 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."
Jung Lee, General Manager
Remitly Canada
“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.”
Tolulope Osho, CEO and Co-Founder
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.”
Prajit Nanu, Founder and CEO
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 have the ability to deliver secure, modern, and future-ready payment solutions for financial institutions across Canada, today.”
Mark Ripplinger, President
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 on the forthcoming Real-Time Rail (RTR) and our contribution will be to provide Canadian products and services that will put it in consumers' and merchants' hands. Bounce is live today for everyday payments. Bounce me @Ariane.”
Ariane Durand, Co-CEO
Bounce
About Payments Canada
Payments Canada enables prosperity, productivity and safety for Canada through trusted, critical national payment infrastructure. As a public-purpose 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 Canada’s forthcoming Real-Time Rail (RTR) payment system. 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.
