Payments Canada Welcomes 6 New Members as Real-Time Rail Modernization Accelerates

Payments Canada has approved six new members, including fintechs Nium and Remitly, marking the first anniversary of expanded eligibility rules. This shift allows payment service providers and credit unions to access national infrastructure directly, a critical step for fintechs looking to bypass traditional banking intermediaries as Canada prepares for its Real-Time Rail launch in 2026.

What was announced

The new members are 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 expansion follows legislative changes from September 2025, specifically amendments to the Canadian Payments Act and the implementation of the Retail Payment Activities Act (RPAA).

These organizations can now apply for direct participation in Canada’s core payment systems. This includes Lynx, the high-value payment system; the Automated Clearing Settlement System (ACSS) for retail batch payments; and the forthcoming Real-Time Rail (RTR). The RTR, scheduled for a Q4 2026 launch, is designed to facilitate 24/7/365 instant, data-rich payments. Connecting to these systems requires meeting technical, operational, and security standards tailored to each participation model.

The economic projections for the RTR are significant. It is expected to generate between $5.3 billion and $14.5 billion in cost savings over the next decade by reducing processing costs and float. Total economic gains are estimated at $16 billion over ten years, potentially rising to $27 billion as more functionalities are introduced. For the new members, this access provides a pathway to offer faster payment services to gig workers, small businesses, and consumers, helping to eliminate delays in supplier payments and loan payouts.

"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. 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."

Donna Kinoshita, Chief Payments Officer at Payments Canada.

The companies involved

Payments Canada is the owner and operator of the country’s payment clearing and settlement infrastructure, including the systems that underpin the daily exchange of billions of dollars. The organization has been a central figure in the multi-year effort to modernize the nation's financial rails through legislative and technical upgrades.

Among the new members, Nium is a global leader in real-time cross-border payments, providing infrastructure for banks and businesses to move money across borders with greater speed and transparency. Remitly is a major player in the international remittance space, focusing on digital-first money transfers for immigrant communities. FIS Everlink, a partnership involving FIS, serves as a provider of payment solutions for financial institutions across Canada.

Vancouver City Savings Credit Union, known as Vancity, is a member-owned financial co-operative and one of Canada's largest credit unions. Pesa and Bounce Pay represent the emerging fintech segment; Pesa focuses on financial infrastructure, while Bounce Pay targets everyday consumer and merchant payments through QR codes and usernames, aiming to replace traditional cash and cheque transactions.

What FF News has reported before

FF News has closely followed the expansion of the global real-time payment landscape, particularly regarding Nium’s role in bridging the gap between traditional banking and instant settlement. Recently, we highlighted Nium Research: 65% of Businesses Demand Instant Cross-Border Payments as Bank Gap Widens, which underscored the growing pressure on financial institutions to meet real-time demands.

Our coverage has also tracked Nium’s international infrastructure growth, such as when Nium and Emirates NBD Expand Real-Time Cross-Border Payments Across the Middle East. Additionally, the company’s focus on institutional tools was evident when Nium Launches Global Collections to Power Cross-Border Collections for Banks. These developments reflect a broader industry trend where infrastructure providers are increasingly seeking direct access to national clearing systems to reduce complexity and cost.

What this means

The inclusion of non-bank entities into Payments Canada’s membership marks a definitive end to the era of bank-exclusive control over national payment rails. By allowing fintechs like Nium and Remitly to sit at the same table as credit unions and major banks, the Canadian regulator is fostering a more competitive environment. This puts pressure on traditional Tier 1 banks that have historically profited from the "float" and fees associated with slower batch processing. The real test for the sector will be the Q4 2026 launch of the Real-Time Rail; until then, the industry remains in a high-stakes preparation phase where technical interoperability and security standards will determine which of these new members can truly disrupt the status quo.