Payments Canada Approves Six New Members Under Expanded Eligibility Framework
Payments Canada has approved six new members, including fintechs and a credit union, under an eligibility framework expanded one year ago by legislative changes.
Payments Canada announced the approval of six new members on October 1, 2026. The move marks the first anniversary of an expanded eligibility framework driven by legislative changes enacted in September 2025.
The six approved members are Bounce Finance Inc., Everlink Payment Services ULC, Nium Canada Corporation, Pesapeer Incorporated, Remitly Canada, Inc., and Vancouver City Savings Credit Union. These approvals bring the total number of new members to 22 since the framework expansion took effect.
Eligibility and access to national payment systems
Eligible organizations now include payment service providers registered under the Retail Payment Activities Act, local credit unions that are members of a central, and designated clearing houses. Membership is a necessary step for direct access to critical national payment infrastructure like the Lynx high-value system, the Automated Clearing Settlement System, and the forthcoming Real-Time Rail.
Connecting to these systems requires meeting rigorous technical, operational, and security standards tailored to each participation model. Payments Canada states these safeguards are designed to protect the safety and soundness of the national payment infrastructure as the member base grows. The policy aims to spur innovation and competition by granting broader direct participation.
Industry response and strategic intent
Donna Kinoshita, chief payments officer at Payments Canada, said the first-year intake shows strong industry demand to modernize payments. It positions a wider range of providers and credit unions to prepare for the economic benefits expected from faster payment services.
Finance Minister François-Philippe Champagne stated the changes create new room for innovation and competition while maintaining secure payment systems for consumers and businesses.
Profile of the six new members
The newly approved members represent diverse business models within the payments ecosystem.
Bounce Pay is built to power everyday transactions like splitting bills or paying rent and intends to participate on the forthcoming Real-Time Rail. Vancity is a member-owned financial co-operative.
Real-Time Rail as a catalyst for economic gains
The forthcoming Real-Time Rail is set to launch in the fourth quarter of 2026. It is expected to generate significant cost savings and economic gains over the next decade.
| Metric | Estimated Impact |
|---|---|
| Cost Savings | $5.3 billion to $14.5 billion |
| Economic Gains | $16 billion (potentially over $27 billion with new functionalities) |
The RTR will allow for the safe exchange of instant, data-rich payments around the clock. Tangible benefits include helping gig workers access earnings instantly, giving small businesses real-time access to funds, speeding up loan payouts, and eliminating delays in supplier payments.
Ensuring the safety and soundness of Canada's payment systems remains a foundational priority for Payments Canada. The six new members intend to participate on the forthcoming Real-Time Rail, aligning with the system's imminent launch and the broader goals of modernizing the nation's payment infrastructure.
