Payments Canada has admitted five new payment service provider (PSP) members—Wise, Float, KOHO, Paramount Commerce, and Brim—marking another step in opening Canada’s core payments infrastructure to fintechs ahead of the launch of the Real-Time Rail (RTR).
The new members span consumer finance, cross-border payments, corporate spend management, and bank-account-based payments, reflecting a broader push to modernize Canada’s payments ecosystem and expand competition beyond traditional financial institutions.
“We welcome Wise, Float, KOHO, Paramount Commerce and Brim Financial as our newest members,” said Susan E. Hawkins, President and CEO of Payments Canada. “Expanding membership diversity and advancing payment system modernization, including the forthcoming Real-Time Rail, is crucial to strengthening Canada’s global competitiveness and supporting innovation that benefits Canadian consumers and businesses.”
The admissions follow legislative changes to the Canadian Payments Act, which expanded Payments Canada’s eligibility criteria to include registered PSPs, credit union locals, and designated clearing houses. Historically, direct participation in Canada’s national payments systems was largely limited to banks and a small number of established financial institutions. The updated framework is intended to improve access, competition, and innovation across the payments landscape.
For fintechs, membership provides a more direct role in shaping the future of Canadian payments infrastructure, including governance, policy development, and system design as real-time payments move closer to launch.
“Joining Payments Canada reflects how far KOHO has grown within Canada’s financial ecosystem,” said Daniel Eberhard, Founder and CEO of KOHO. “Membership allows us to move faster, deliver more efficient financial services, and create real value for Canadians. Greater access and competition strengthen the payments system and support economic growth.”
Payments Canada oversees systems that cleared and settled more than $411 billion every business day in 2025, including the Automated Clearing Settlement System (ACSS), the high-value Lynx system, and the forthcoming RTR, which is expected to enable real-time, data-rich payments for businesses and consumers.
Security and resilience remain central to the organization’s mandate. New PSP members must be registered with the Bank of Canada under the Retail Payment Activities Act and meet rigorous technical, operational, and security requirements before accessing Payments Canada systems.
“Becoming members of Payments Canada is a significant step forward that will enable us to offer even faster, more affordable and more convenient international payments to Canadians and to global customers moving money to Canada,” said Diana Avila, Chief Banking and Expansion Officer at Wise.
“Wise has long championed expanding access to Canada’s payment systems. As this becomes a reality, we see Canada as a global leader in bringing greater participation, innovation and competition to the industry.”
By expanding its membership to regulated fintechs, Payments Canada is positioning itself for a more competitive, innovative payments environment—one where new entrants play a direct role in shaping how money moves across Canada’s economy.
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