OTTAWA, ON, March 19, 2026 /CNW/ - Payments Canada announced today the approval of Meridian Credit Union, Ontario's largest credit union, as a member. Meridian is the first credit union to obtain membership following the recent expansion of eligibility requirements.
"Welcoming Meridian Credit Union as a new member in Payments Canada represents a continued shift toward a more diverse and inclusive member base," said Susan E. Hawkins, President and CEO of Payments Canada. "Many credit unions play a vital role in providing competitive financial services to remote and underserved communities across Canada. We look forward to their input on what is important to their communities and to supporting Meridian in providing payment capabilities to those they serve."
This milestone follows the approval of five new PSP members in January -- the first wave of new members since the expansion of Payments Canada's membership eligibility late last year.
"A stronger, more connected economy starts with an inclusive payment ecosystem," said the Honourable François-Philippe Champagne, Minister of Finance and National Revenue. "By expanding Payments Canada membership eligibility, we're empowering local credit unions to participate directly in our national systems, ensuring they have the tools to innovate. Welcoming Meridian Credit Union as the first new provincial member marks a significant milestone in our commitment to fostering a competitive financial sector – one that provides more choice and better services for all Canadians."
"Innovation in payments is transforming how Canadians move and manage their money," said Jay-Ann Gilfoy, President and CEO of Meridian Credit Union. "Becoming the first credit union to join Payments Canada under the amended legislation reflects our commitment to helping shape the future of payments in Canada. We're excited to collaborate with partners across the financial ecosystem to advance innovation and deliver faster, more secure payment solutions for Canadians."
Traditionally, provincial credit unions have been represented by their central in Payments Canada governance forums. As a result of amendments to the Canadian Payments Act, membership has been expanded to include credit union locals (i.e., provincial credit unions) that are members of a central. This provides them with expanded flexibility for how they engage with Payments Canada.
Ensuring the safety and security of Canada's payment systems remains a foundational priority for Payments Canada. All credit unions in Canada are prudentially regulated by either federal or provincial authorities and must meet rigorous capital, liquidity and operational requirements. To obtain membership, they must meet the requirements outlined in Payments Canada's regulations and by-laws.
Membership also provides access to policy development, research and payment expertise, allowing organizations to help shape the future of payments in Canada. It is also the first step towards qualifying for direct participation on Payments Canada systems for those who choose to do so. Rigorous technical, operational and security requirements are necessary for direct participation to ensure the continued safety and soundness of the systems. In light of these technical requirements, many credit unions will continue to connect via their centrals, who participate directly on Payments Canada systems.
Payments Canada welcomes all eligible organizations to explore the benefits of membership. By joining, members will gain a direct voice in the future of payments and contribute to world-class payment systems that are inclusive and secure. For membership details and eligibility information, contact us at [email protected].
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
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