Payments Canada Adds 22 Members After Access Reform

October 1, 2026 | NCFA Market Activity | Payments And Money Movement, Competition And Market Structure, Regulation And Policy

Expanded Eligibility, New Entrants And Real-Time Rail Access

On October 1, 2026, Payments Canada added six more new members, bringing new admissions since membership eligibility widened one year ago to 22. Twenty of the 22 became eligible because federal changes opened Payments Canada membership to regulated payment service providers, qualifying local credit unions and designated clearing houses.

The latest members are Bounce Pay, FIS Everlink, Nium, Pesa, Remitly and Vancity. This is the first anniversary of a permanent access reform, not the end of an intake period. Eligible organizations can still apply for Payments Canada membership.

Ottawa Changed Who Can Join Payments Canada

Before September 2025, many regulated payment companies and local credit unions were not legally eligible to become Payments Canada members. Federal amendments took effect on September 29, 2025, adding payment service providers supervised under the Retail Payment Activities Act, local credit unions that belong to a central and designated clearing houses. Payments Canada then updated its bylaws and participation rules for the new member categories. Twenty organizations have now joined through eligibility created by those changes.

Payments Canada operates Lynx and the Automated Clearing Settlement System and is building the Real-Time Rail. It had 111 members at the end of 2025, and its systems cleared and settled approximately $103 trillion that year, or more than $411 billion every business day.

Donna Kinoshita, Chief Payments Officer at Payments Canada:

“Welcoming 22 members in our first year under the expanded eligibility framework demonstrates the industry’s strong desire to modernize payments,”

The 22 additions are split between Canadian companies and international payment groups operating in Canada. Fourteen (64%) are Canadian headquartered organizations. Eight (36%) are Canadian member entities connected to groups headquartered outside Canada. Canadian entrants include fintechs, payment companies and four credit unions, while the international group includes Wise, Currencycloud, Ebury, Shaype, Adyen, FIS Everlink, Nium and Remitly.

The first five payment service providers entered in January, Meridian followed in March, and DoBusiness.com joined in April. By June, Payments Canada membership had widened further to include more credit unions, foreign exchange providers and digital finance companies.

Membership Opens The Door, Not The Payment Rails

Payments Canada membership doesn't give a company automatic direct access to Lynx, the Automated Clearing Settlement System or the forthcoming Real-Time Rail. Membership allows an organization to apply for participation. Connecting directly still requires the technical, operational, security and settlement arrangements set by each payment system.

The first year shows real uptake. Twenty two organizations have joined Payments Canada since the rules changed, including payment companies and credit unions that previously were not eligible for membership. Having said that, there's not yet enough public evidence to say the reform has lowered payment costs, reduced reliance on intermediaries or produced stronger price competition for businesses and consumers.

The Real-Time Rail participation requirements include system integration, testing, fraud controls and operational readiness, with additional settlement requirements depending on how a participant connects. User acceptance testing is complete and integrated performance testing is underway, while Payments Canada continues to target a late fourth quarter 2026 launch.

Real-Time Rail Turns Membership Into A Market Question

The first RTR phase starts with direct exchange participants, with more participants and Interac e-Transfer clearing and settlement expected to follow in stages. Several of the newest members are already looking beyond membership. Bounce Pay says it intends to participate on the RTR, while Pesa, Nium, Remitly and FIS Everlink connect their membership to deeper participation in Canada's payment infrastructure.

Direct participation could give some payment businesses more control over routing, settlement and product design while reducing some intermediary dependencies. Whether those advantages reach customers will depend on which firms connect, how much payment volume they process and whether they can turn infrastructure access into lower costs, faster services or new products.

Talking Point

Twenty of 22 new members became eligible because Ottawa changed the law, and almost two thirds of the first year cohort is Canadian headquartered. The membership reform has therefore changed who can participate in Payments Canada. The Real-Time Rail will show whether that wider participation changes how payments are built, priced and delivered in Canada.

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