Wise, KOHO, and Three Fintechs Become First Non-Bank Payments Canada Members

Payments Canada admitted five Payment Service Providers (PSPs) as members on January 27, 2026: Wise Payments Canada, KOHO Financial, Brim Financial, Float Financial Solutions, and Paramount Commerce (Element Financial Technology). These are the first non-bank members in Payments Canada's history.

Why This Matters

For the first time, fintechs can become direct Payments Canada members and will be eligible to participate directly in the Real-Time Rail (RTR) once it launches. This breaks the traditional bank-only model that has defined Canadian payment infrastructure access for decades.

Legislative Background

The membership expansion was enabled by legislative changes to the Canadian Payments Act, which broadened eligibility beyond deposit-taking institutions. Wise's inclusion is particularly significant - as the largest international money transfer service in Canada, direct membership gives it access to clearing and settlement infrastructure without relying on sponsor banks.

Implications

Direct participation reduces settlement costs and latency for fintech providers, and creates competitive parity with banks on the RTR. For Canadian payments professionals, this signals that the RTR will launch into a more diverse participant ecosystem than any previous Canadian payment system.

Source: Payments Canada