Canada’s national payments operator continues to evolve its framework through greater inclusivity and stable governance. Recent announcements reflect Payments Canada’s focus on modernizing systems while broadening participation and ensuring continuity in leadership amid industry changes. On March 19, 2026, the organization welcomed Meridian Credit Union as the first provincial credit union to gain full membership following recent regulatory updates.
Meridian, Ontario’s largest credit union, joins after amendments to the Canadian Payments Act opened direct access for local institutions that previously participated only through central bodies.
This milestone follows the January approval of five new payment service providers and signals a deliberate push toward a wider, more representative membership base.
Susan E. Hawkins, President and CEO of Payments Canada, noted that the addition promotes diversity and brings valuable input from credit unions serving remote and underserved communities.
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, highlighted how these changes empower local players to innovate within national systems, creating more competition and improved services for everyday Canadians.
Jay-Ann Gilfoy, President and CEO of Meridian Credit Union, described the step as an exciting chance to help shape payment advancements and deliver faster, more secure options through cross-industry partnerships.
Direct membership grants organizations influence over policies, research, and expertise while offering a pathway to eventual participation in core clearing and settlement platforms.
However, applicants must satisfy demanding technical, operational, and security criteria to protect system integrity.
Many credit unions are expected to continue routing transactions through their centrals.
All such institutions remain subject to strict prudential supervision by federal or provincial authorities.
For context, Payments Canada’s networks cleared $103 trillion in 2025, underscoring the critical role these systems play in the national economy.
Complementing the membership news, Payments Canada revealed on March 11, 2026, a planned board chair transition to maintain momentum on key priorities.
Garry Foster, who served nine years on the board—including five as chair since 2021—will complete his term on June 17, 2026.
His tenure coincided with pandemic-driven acceleration in digital payments.
Under his guidance, the organization launched the Lynx high-value payment system, adopted the ISO 20022 messaging standard, and advanced the Real-Time Rail project into testing and onboarding phases.
Foster also supported legislative reforms that expanded membership eligibility, fostering a collaborative “Team Canada” approach to modernization.
Kevan Cowan, an independent director since 2024 and current chair of the Risk Committee, has been appointed incoming chair.
His extensive background in capital markets—including former leadership at the Toronto Stock Exchange and TSX Venture Exchange, plus his current role as Chair of the Ontario Securities Commission—positions him for the responsibilities ahead.
A structured handover period will safeguard continuity, particularly for Real-Time Rail delivery.
Hawkins praised Foster’s steady direction through transformative times, while Foster expressed enthusiasm in laying foundations for Canada’s payment sovereignty and long-term prosperity.
Together, these developments reinforce Payments Canada’s commitment to inclusive, innovative, and resilient national payment systems that support economic growth and serve all Canadians effectively.