Payments Canada cleared and settled more than CAD $103 trillion across its combined clearing and settlement infrastructure in 2025. The annual total translates to over CAD $411 billion in daily throughput. The organization disclosed the figure on June 3, 2026. Payments Canada confirmed that 15 new entities had joined as members during the first half of the year. The intake is the largest in a single calendar year in the organization's history.
The new members span categories that were historically excluded from direct participation. Newton Crypto became the first cryptocurrency exchange admitted to Payments Canada. Eight payment service providers gained membership: Wise Payments Canada, KOHO Financial, Float Financial Solutions, Brim Financial, Neo Financial Technologies, Element Financial Technology, Ebury Partners Canada, and Shaype Canada Financial. Four credit unions also joined: Meridian Credit Union, Tru Cooperative Bank, Beem Credit Union, and Libro Credit Union. uSecure Escrow Solutions completed the cohort.
The expansion followed amendments to the Canadian Payments Act that broadened membership eligibility beyond traditional deposit-taking institutions. The Retail Payment Activities Act established a federal licensing regime for payment service providers. Licensed PSPs can now apply for direct Payments Canada membership, ending a structure under which non-bank entities could only access Canadian payment rails through sponsoring banks.
Lynx is the real-time gross settlement system at the core of Payments Canada's infrastructure. The system currently maintains 16 direct participants, all banks. The new members participate through the Automated Clearing Settlement System for batch clearing rather than direct RTGS connectivity. Payments Canada's Real-Time Rail, scheduled for Q4 2026, will extend instant payment capabilities to the expanded membership base.