Payments Canada has officially welcomed five new members under its recently introduced payment service provider (PSP) category. This development, announced on January 27, 2026, marks a pivotal step in modernizing the nation’s payment infrastructure, allowing regulated fintech companies greater access to core systems. Payments Canada, a not-for-profit entity dedicated to public service, oversees the country’s essential national payment networks.
These include the high-value Lynx system for large transactions, the Automated Clearing Settlement System (ACSS) for everyday retail payments, and the upcoming Real-Time Rail (RTR) for instant transfers. In 2025 alone, these platforms processed over $411 billion daily on business days, totaling a staggering $103 trillion annually.
The organization sets the rules, standards, and bylaws that govern everything from debit card transactions and direct deposits to wire transfers and checks, ensuring reliability and security for millions of users.
The expansion of membership stems from recent amendments to the Canadian Payments Act, which now includes PSPs registered under the Retail Payment Activities Act, along with credit union locals and certain clearing houses.
This shift aims to democratize access, fostering a more dynamic environment where new players can contribute to policy, governance, and technological advancements.
To qualify, these PSPs must adhere to stringent requirements set by the Bank of Canada, covering technical capabilities, operational efficiency, and robust security measures.
This ensures the overall resilience of Canada’s payment ecosystem while opening doors for innovative services that benefit consumers and businesses.
The inaugural group of PSP members comprises a diverse array of fintech innovators:
- Wise Payments Canada Inc., known for its efficient cross-border money transfers.
- Float Financial Solutions, which specializes in streamlining corporate expense management.
- KOHO Financial Inc., providing intelligent banking tools for spending and saving.
- Element Financial Technology Inc. (operating as Paramount Commerce), focused on secure bank-linked payment solutions.
- Brim Financial Inc., offering a comprehensive suite of financial services and platforms.
Susan Hawkins, President and CEO of Payments Canada, expressed enthusiasm about the additions, stating that this diversity strengthens global competitiveness and could significantly enhance prosperity and productivity.
She emphasized the role of the impending RTR system in driving modernization and pledged ongoing support for new members to deliver value to end-users.
Government officials echoed this sentiment.
Minister François-Philippe Champagne highlighted how these changes, aligned with Budget 2025 initiatives, promote faster, safer payments and a fairer playing field, ultimately building a more inclusive financial framework.
Executives from the new members also shared their optimism.
For instance, Rob Khazzam of Float noted the opportunity to influence infrastructure that has long constrained Canadian businesses, while Daniel Eberhard of KOHO stressed the potential for more efficient services that spur economic growth.
Sereena Boparai from Paramount Commerce called it an exciting chance to shape the future of payments through collaboration.
Donna Kinoshita, Payments Canada’s Chief Payments Officer, added that these entrants will inject fresh competition, motivating the sector to innovate and provide better offerings to Canadians.
This membership expansion is poised to transform the payments sector by enabling broader participation in system upgrades, including real-time capabilities.
It promises reduced barriers for startups, accelerated innovation, and enhanced services like quicker international transfers and smarter financial tools. As Canada positions itself as a key player in fintech, these developments could lead to a more resilient economy.
