PAYMENTS CANADA WELCOMES PAYMENT SERVICE PROVIDER MEMBERS

Key milestone in driving economic progress, competition and innovation for consumers and businesses

OTTAWA, ON, Jan. 27, 2026 /CNW/ - Payments Canada today announced the admission of five new payment service provider (PSP) members: Wise Payments Canada Inc. ("Wise"), an international money transfer platform; Float Financial Solutions ("Float"), a corporate spend management solution; KOHO Financial Inc. ("KOHO"), a fintech offering smart spending and savings accounts; Element Financial Technology Inc (d.b.a. "Paramount Commerce"), a bank-account-based payment solution provider; and Brim Financial Inc. ("Brim"), an integrated financial services platform.

"We welcome Wise, Float, KOHO, Paramount Commerce and Brim Financial as our newest members," said Susan E. Hawkins, President and CEO of Payments Canada. "Our member and government commitment to member diversity and payment system modernization, including the forthcoming Real-Time Rail (RTR) payment system, is crucial to strengthening Canada's global competitiveness and has meaningful potential for improving Canadian prosperity and productivity. We will continue to welcome new qualifying members and look forward to supporting all of our members' long term business success. The ultimate goal is to benefit Canadian consumers and businesses and we are looking forward to the innovative new services that actualize those benefits for all."

The admission of these new members is made possible by the federal government's legislative changes to the Canadian Payments Act. These changes opened Payments Canada's membership eligibility to include registered PSPs, credit union locals and designated clearing houses. Expanding Payments Canada's membership is intended to improve access and competition in Canada.

"By broadening access to the systems that move money in Canada, we are driving innovation and increasing competition across the financial sector. This significant milestone is made possible by the Government of Canada's recent legislative changes to expand Payments Canada membership eligibility to allow regulated payment service providers like Wise, Float, KOHO, Paramount Commerce and Brim Financial to join and deliver growing benefits for consumers," said the Honourable François-Philippe Champagne, Minister of Finance and National Revenue. "Aligned with Budget 2025, these changes will help foster a productive economy by ensuring faster, secure payments and a level playing field for new entrants. By including a wider range of members, we are building a more inclusive and resilient financial foundation that drives long-term prosperity for all Canadians."

In 2025, Payments Canada systems cleared and settled more than $411 billion every business day. These systems, including the Retail batch payment system (Automated Clearing Settlement System or ACSS), High-value payment system (Lynx) and the forthcoming RTR, are pivotal to the safe and efficient processing and settlement of payments in Canada.

"These new members will be able to deliver greater value to their businesses, translating into better, more innovative services for Canadian consumers and businesses. They will foster greater competition and motivate the entire industry to continue to innovate," said Donna Kinoshita, Chief Payments Officer at Payments Canada. "Central to Payments Canada's vision, we enable safe innovation and competition and are committed to delivering a resilient payment ecosystem that delivers meaningful economic and social benefits, for all Canadians."

The safety and security of Canada's payment systems remains a foundational priority for Payments Canada. New PSP members must register as a PSP with the Bank of Canada under the Retail Payment Activities Act and meet the criteria outlined in the act.

Membership provides access to Payments Canada's governance, policy development, research and payment expertise, allowing organizations to help shape the future of payments in Canada. Accessing and participating within Payments Canada's systems requires meeting rigorous technical, operational, security and other mandated requirements related to the system and their chosen participation model. The participation standards ensure that, as new participants are introduced, the safety and resilience of national infrastructure is continuously upheld.

Payments Canada welcomes all eligible PSPs, credit unions and designated clearing houses to explore the benefits of membership. By joining, your organization will gain a direct voice in the future of payments, drive innovation and contribute to world-class payment systems that are inclusive and secure. For membership details and eligibility information, contact us at [email protected].

SUPPORTING QUOTES:

Paramount:

"We're really excited to be one of the first PSPs in Canada to join Payments Canada," said Sereena Boparai, Chief Revenue Officer at Paramount Commerce. "This membership gives us a chance to be directly involved in Canada's upcoming Real-Time Rail and be part of the broader journey to modernize payments. It's inspiring to see how collaboration across the industry will make payments more innovative for businesses and consumers alike. We're proud to play a role in shaping that future."

Float:

"For too long, Canadian businesses have had limited options for how their money moves, slowing them down and making it harder to compete globally. As a member of Payments Canada, Float now has a seat at the table where this infrastructure gets shaped," said Rob Khazzam, CEO and Co-Founder of Float. "We work with thousands of businesses every day and are excited to advocate for changes that actually help them move and grow faster."

KOHO:

"Becoming a member of Payments Canada is an important step for KOHO as Canada's payments ecosystem becomes more competitive and innovative," said Daniel Eberhard, CEO and Founder of KOHO. "Being a member allows us to deliver faster, more efficient financial services and create real value for Canadians. Greater access and competition strengthens the payments system, supports economic growth, and leads to a better financial future for consumers and businesses."

Brim: 

"We're honored to be selected for membership in Payments Canada at a pivotal moment for Canadian financial services," says Rasha Katabi Founder and CEO of Brim. "Brim is launching a complete Payments as a Service proposition to offer Canadian consumers and businesses robust and modern ways for moving money. We are evolving from a Card & Banking Platform into a full-stack Payments Infrastructure Provider."

Wise:

Diana Avila, Chief Banking and Expansion Officer at Wise: "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. 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."

About Payments Canada:

Payments Canada enables prosperity, productivity and safety for Canada through trusted, critical national payment infrastructure. As a public-purpose, not-for-profit organization, we own and operate Canada's critical national payment systems: Lynx; the Automated Clearing Settlement System (ACSS); and the forthcoming Real-Time Rail (RTR). We establish the by-laws, rules and standards that govern these systems, which cleared and settled $103 trillion in 2025 -- more than $411 billion every business day. Transactions that pass through our systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. In collaboration with our diverse membership, we continue to modernize Canada's payment ecosystem to promote innovation, competition and deliver efficiencies that power a modern economy.

For media inquiries, please visit Payments Canada's media centre.

SOURCE Payments Canada