Expanded access to critical payment infrastructure will drive competition and growth for Canada

Canadian Payments Act changes expand membership eligibility and access to Payments Canada's systems, including the forthcoming Real-Time Rail.

OTTAWA, ON, Sept. 29, 2025 /CNW/ - Key changes to the Canadian Payments Act have now been implemented, marking a critical step toward a more inclusive and innovative national payment infrastructure in Canada.

The legislative changes, now coming into force, allow Payments Canada to expand its membership to a wider range of participants — the first step toward access to Payments Canada systems that cleared and settled more than $424 billion every business day in 2024. These systems include the ACSS (retail batch payment system), Lynx (Canada's high-value payment system) and the forthcoming Real-Time Rail. The expansion of membership will promote competition and innovation in the payment ecosystem, ultimately providing Canadian businesses and consumers with more choice in payment methods so that they can choose the method that best fits their needs. Other benefits will include greater trust in emerging payment options, improved financial inclusion and enablement of economic benefits intended to support national prosperity and productivity. Ultimately it will improve Canada's global competitiveness.

"This is a pivotal moment for Canada's payment ecosystem," said Susan E. Hawkins, President and CEO, Payments Canada. "The changes to the Canadian Payments Act are the culmination of years of collaboration across the payment industry and exemplify what we can accomplish together for Canada. By enabling more organizations to access our critical national payment infrastructure, we are not only driving safe innovation and competition, but we are also building a more resilient payment ecosystem that will deliver meaningful economic and social benefits."

Implementing these changes will also help give Canadian financial institutions and businesses a competitive edge in the global market. "By broadening access to the systems that move money in Canada, we are injecting innovation and greater competition across the financial sector," said the Honourable François-Philippe Champagne, Minister of Finance and National Revenue. This means more choice, better services, and progress toward faster and more secure payments required for a stronger, more connected Canadian economy."

Prior to legislative changes, Payments Canada membership was limited to banks, credit union centrals and select other financial institution types. The Government of Canada's changes to the Canadian Payments Act expand membership eligibility to include payment service providers as defined in the Retail Payment Activities Act, credit union locals that are members of a central, and clearing houses of systems designated under the Payment Clearing and Settlement Act.

Payments Canada is actively preparing potential new members by ensuring they understand both the benefits of membership and the rules and requirements for participating in its systems. Interested organizations can learn more at payments.ca/connect/membership.

CONTRIBUTED QUOTES

"Every second counts for small businesses. Allowing a more diverse group of financial service providers will foster innovation and encourage the development of new payment solutions that are user-friendly, accessible, and cost-efficient. This will provide more options for businesses to receive payments faster and smarter, enabling them to manage cash flow more efficiently and free up time to focus on growth and competitiveness."

Dan Kelly, President and CEO
Canadian Federation of Independent Business (CFIB)

"With changes to the Canadian Payments Act now in force, Canadian consumers can look forward to greater competition, innovation and choice in the payments market. By expanding Payments Canada's membership, Canadians will have more opportunities to access inclusive payment options that meet their unique needs."

Elizabeth Mulholland, CEO
Prosper Canada

"These changes to the Canadian Payments Act signal a meaningful step forward for payments modernization in Canada. We applaud the efforts of policymakers, regulators and industry leaders as they welcome continued competition that will drive innovation to meet the evolving financial needs of Canadians. With ongoing partnership and focus, Canada is on the right path to make international money movement fast, affordable, convenient and transparent."

Brigit Carroll, Head of Policy for Americas
Wise

"Meridian proudly supports the changes to the Canadian Payments Act, which opens the door to a more inclusive, competitive, and innovative payments ecosystem. Expanded access to Payments Canada's systems empowers credit unions to deliver new products and services that will enhance the payment experience for Canadians."

Wade Stayzer, Chief Operating Officer
Meridian Credit Union

"Greater access to core payment rails is essential to achieving true competition in Canada's financial sector, especially for innovators. The amendments now in force are a very welcome step in that direction. What's needed next is a practical pathway for fintechs to connect to Payments Canada's systems, supported by clear, risk-based rules and pricing that is both fair and transparent."

Adriana Vega, Executive Director
Fintechs Canada

"In both my role as Chair of the Stakeholder Advisory Council and at Metrolinx, I am passionate about ensuring consumers have equitable access to payment and financial services. The expansion of the payment space to include additional payment service providers will ensure healthy innovation that delivers more choice and customer-focused options."

Daniela Aubry, Stakeholder Advisory Council Chair and Chief Payments Officer
Metrolinx

"As Chair of the Payments Canada Member Advisory Council, I look forward to the ongoing evolution of the Canadian payments ecosystem and the implementation of the legislative changes required to support it. These recent changes are a key step to support the growth and expansion of the Canadian payments landscape, and I look forward to the continued collaboration with Payments Canada on future developments."

Dougal Middleton, Member Advisory Council Chair and Managing Director, Payments & Receivables, North America & Caribbean Scotiabank

About Payments Canada: Payments Canadamakes payments easier, smarter and safer for people living in Canada by providing secure and resilient national infrastructure where payments are cleared and settled between financial institutions. We are a public purpose organization that owns and operates Canada's payment systems, Lynx, the Automated Clearing Settlement System (ACSS) and the forthcoming Real-Time Rail (RTR), and are responsible for the by-laws, rules and standards that support these systems. In 2024, our systems cleared and settled $107 trillion — more than $424 billion every business day. Some of the transactions that pass through our systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. Payments are an essential part of our economy and way of life. From a down payment on a home, an invoice paid to a local business or a first paycheque — payments keep Canadians and the economy moving forward.

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

SOURCE Payments Canada