Karsten Wenzlaff, Advisor
August 26th, 2025

On Apr 27, 2026, the Bank of Canada reminded PSPs under the Retail Payment Activities Act that annual reports were due by March 31, 2026. PSPs registered after March 30, 2026 are not required to submit an annual report for 2025.
PSPs that missed the deadline should submit their report as soon as possible or face potential enforcement action.
The reporting framework is detailed. PSPs must follow the Bank’s annual reporting policy, which requires annual reports by March 31 each year, and its retail payment metrics policy, which covers the value of end user funds held, EFT volume and value, end users served, and other PSPs served. This turns reporting into an operating discipline (to avoid a year end scramble).
The Bank’s reporting guide shows that PSPs must report across operational risk, incident management, end user funds safeguarding, significant changes, incidents, activity metrics, financial information, and record keeping.
The form also asks about cyber security controls, third party service providers, agents, mandataries, safeguarding accounts, shortfalls, and independent reviews.
For operators, (1) data infrastructure must support audit ready reporting, (2) governance must match supervisory expectations, and (3) product design must account for regulatory visibility from day one.
For investors and partners, reporting compliance is a useful test of execution quality. Firms that can operate inside regulated environments with clean reporting, strong controls, and reliable evidence will have an advantage as oversight expands.
The Bank’s information session walks PSPs through annual reporting requirements, including required data fields, operational risk disclosures, activity metrics, and submission through PSP Connect.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Apr 28, 2026 | NCFA Insight | Artificial Intelligence And Data, Banking And Credit Infrastructure

On Apr 27, 2026, Customers Bank announced a multiyear collaboration with OpenAI to deploy AI across commercial banking operations. The bank has nearly $26 billion in assets and already has 75% of team members using OpenAI powered tools. Customers Bank even used an AI voice clone on its last earnings call. The bigger change is how the bank is deploying AI agents across lending, onboarding, and payments.
On its Q1 call, Customers reported more than 500 internal agents and custom GPTs, over 28,000 hours saved through AI enabled workflows, and productivity gains equal to almost 15 full time employees. Q1 results also show $69.7 million in net income available to common shareholders, total deposits up $813.9 million from Q4, and total loans up $609.0 million from Q4.
Sam Sidhu, President and CEO, Customers Bancorp
“We expect a fundamental re-engineering of how Customers Bank operates. We have spent the last year building the operational and governance infrastructure to deploy AI at scale. This strategic collaboration with OpenAI gives us the frontier models, engineering expertise, and ability to co-create a roadmap toward becoming an AI-native bank."
Customers Bank wants AI inside its operating model, with OpenAI engineers working directly with the bank to automate commercial lending, deposit onboarding, and payments. The bank’s cubiX platform already processes about $2 trillion in annual payments volume, giving the collaboration a live operating base, not a pilot or lab only environment.
During Q1 2026 earnings call, Sidhu disclosed that his prepared remarks had been delivered by an AI clone, not read by him. While it was sure to be a memorable call at that point, it's important if AI can represent management's voice in a public market setting, boards need rules for disclosure, script approval, recordkeeping, and accountability before the next experiment becomes normalized.
AI banking use cases aren't just theatre. Customers Bank wants to reduce its commercial loan closing from 30-45 days to about 7 days. It also wants complex commercial account opening to fall from more than a day to under 20 minutes. They are targeting the slowest, most expensive parts of commercial banking.
This is where smaller banks and fintechs should pay attention. AI in banking won’t be won by buying a model and asking staff to use it. The value comes from redesigning workflows around agents, then keeping humans on approvals, exceptions, and risk judgement. That requires clean data, mapped processes, audit trails, escalation rules, and ownership of each AI output.
There's a regulatory approach too. Investor relations, lending decisions, onboarding, and payments all require accountable systems. If an agent drafts, routes, ranks, or speaks, the bank's still on the hook for the result. The lesson is not “let AI run the bank.” It's use AI to remove friction, but keep governance strong enough to prove who approved what and why.
Can Customers Bank turn AI from a productivity tool into an AI enabled engine powering lending, deposits, and payments?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Apr 23, 2026 | NCFA Fintech Market Activity | Payments And Money Movement, Digital Assets Blockchain And Tokenization

On April 23, 2026, Borderless AI launches crypto native payroll, providing companies the ability to pay employees and contractors in cryptocurrency.
Based in Toronto, and now operating at scale in more than 170 countries, and supporting payments in over 90 currencies, the company is expanding its global employment platform by adding a settlement option to a solution that already handles hiring, compliance, and payroll across borders.
Its payroll system settles in about 5 days, compared to over 20+ days across traditional cross border rails. The platform also removes upfront salary deposits, which can range from $7,000 to $20,000 per employee in legacy models.
The company has raised $32 million in January 2025 to build what it describes as an AI-native employment platform. Its AI agent can generate contracts, analyze legal terms, and answer tax questions in 170 languages, completing work that typically takes 7 to 10 days in minutes.
Borderless AI supports more than 1,500 companies and holds a 4.9 out of 5 rating on G2, one of the highest among Employer of Record providers.
The company is also building distribution with its integration with ADP Workforce Now across the U.S. and Canada which places Borderless AI directly inside one of the largest HR ecosystems. I allows companies to manage global hiring, payroll, and contractors without switching systems or duplicating data.
Crypto payroll fits into that structure. Cross border payroll still goes through banks, FX providers, and local clearing systems. Each step adds delay, cost, and failure risk. Crypto settlement removes part of that chain by allowing funds to move directly to wallets once payroll is approved.
For companies running distributed teams, faster settlement reduces cash flow friction and removes the need to pre fund payroll across multiple jurisdictions. For workers, it provides flexibility in how compensation is received and stored, particularly in markets where banking access or currency stability varies.
Most platforms stop at payroll execution and rely on banking partners to complete payments. Borderless AI is reducing that dependency by adding crypto settlement. If settlement begins moving away from banking rails, platforms that own that layer can capture more margin and control the full payment flow.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Apr 22, 2026 | NCFA Fintech Market Activity | Payments And Money Movement

On April 21, 2026, Nuvei launched direct local acquiring in Mexico. Merchants can now process domestic card payments through Nuvei’s own licensed infrastructure instead of relying on third party processors.
Mexico is a large and growing digital commerce market. Payments volume reached more than $676 billion in 2024, with ecommerce at approximately $97 billion and growing at about 24% a year. This makes local processing important for merchants operating in the market.
Phil Fayer, Chair & CEO of Nuvei:
"Commerce is global, but payment performance is local. Our direct acquiring expansion into Mexico advances our Every Payment Everywhere strategy -- building infrastructure inside domestic payment ecosystems so customers can scale globally while performing like a local."
Direct acquiring means Nuvei connects merchants directly to card networks and local banking systems inside the country. That gives Nuvei control over authorization, settlement, and transaction data within Mexico.
This improves performance in practical ways. Domestic processing can increase approval rates, reduce cross border fees, and shorten settlement times. It also removes reliance on local partners for core processing functions.
Nuvei now operates direct acquiring in more than 50 markets, following a consistent growth pattern across the business. The company builds local infrastructure in markets where payment performance depends on domestic connectivity, as seen in its work supporting omnichannel merchants and its expansion into regulated digital asset services in Europe.
Founded in Montreal, Nuvei is one of the few Canadian fintechs building global payment infrastructure at scale. That positions the company alongside global processors that own local acquiring rather than those that depend on partner networks.
Mexico adds another high growth market where local infrastructure determines payment performance. Without direct acquiring, transaction success depends on intermediaries. With it, Nuvei can manage approval rates, costs, and settlement directly.
Nuvei is building control at the processing layer. The more markets it owns locally, the less it depends on partners and the stronger its position becomes.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Apr 17, 2026 | NCFA Fintech Insight | Payments And Market Infrastructure

On April 16, 2026, Payments Canada admitted DoBusiness.com as a payment service provider member, the latest non-bank company to gain a path to access Canada's core payment rails, including Lynx, ACSS, and the Real Time Rail.
Direct access to payment rails reduces reliance on sponsor banks, cuts transaction costs, and gives firms more control over how and when money moves. It allows payment providers to manage liquidity, route transactions, and design products without passing every step through an intermediary.
Donna Kinoshita, Chief Payments Officer at Payments Canada:
“The inclusion of specialized enterprise SaaS providers alongside our existing members is a clear sign of the evolving payment landscape. As our membership continues to diversify, so do the perspectives that inform the future of Canada’s payment infrastructure, ensuring an inclusive payment ecosystem that gives Canadians more choices
Companies that meet the requirements can apply through Payments Canada's membership process and move toward participation in core payment infrastructure.
Payments often work through a sponsor bank, then through clearing, then settlement. Each step adds fees and delays. A firm with access can remove part of that chain.
Take a simple example. A fintech that relies on a sponsor bank may pay fees on each transaction, wait for batch processing, and rely on the bank’s timing and liquidity controls. Compare and contrast that with a company with direct or near direct access who can route payments without that extra layer, manage liquidity in its own systems, and process transactions closer to real time. The difference is found in unit cost structure, settlement speed, and how products are designed. For consumers and businesses, this typically means faster processing and in some cases lower fees.
This admission follows earlier PSP intake, including five firms added at the start of 2026, and lines up with ongoing Real Time Rail testing and onboarding work. More firms are positioning to operate inside the system, not just connect to it.
As more companies gain a path to participate in core payment systems, the range of products built on top of those rails will expand. That includes real time payments, embedded payment experiences, and services that rely on immediate settlement and better control over funds.
The result is a payment system where more providers can compete on speed, cost, and reliability. It's that competition that will drive better outcomes for end user consumers and businesses.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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