Payments Canada announced today the approval of six 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 payment 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.NoYesPayments05 Oct, 2026