Peoples Group and Fiserv Partner for Canada's Real-Time Payments Future

TORONTO, ON – February 25, 2026 – In a move set to accelerate the modernization of Canada's financial landscape, Peoples Group has announced a strategic partnership with global financial technology leader Fiserv. The collaboration will build a next-generation payments platform, representing one of the most significant technology investments in Peoples Group's history and positioning the company as a critical infrastructure provider for the nation's burgeoning fintech sector.

This partnership aims to deliver an advanced payments offering capable of instant transactions, supported by an always-on infrastructure. By leveraging direct connections to Canada’s major payment systems, the new platform will prepare Peoples Group and its partners for the nationwide rollout of Payments Canada's Real-Time Rail (RTR) system and the global adoption of the ISO 20022 data standard.

"As Canada makes significant investments to strengthen our economic competitiveness, our banking infrastructure is a critical piece of that equation," said David Raju, Interim President and CEO of Peoples Group. "We are building today so Canada's financial services sector can compete on the world stage tomorrow."

The Race to a Real-Time Reality

The announcement comes at a pivotal moment for Canadian finance. The entire industry is anticipating the launch of the Real-Time Rail, a new payment system designed to allow Canadians to send and receive money irrevocably within seconds, 24/7, 365 days a year. Though its rollout has faced delays, the RTR promises to be a transformative force, raising consumer and business expectations for speed and convenience while creating fertile ground for innovation in financial services.

This partnership is a clear strategic maneuver to get ahead of the curve. By building out the necessary infrastructure now, Peoples Group aims to provide a seamless on-ramp to the real-time ecosystem for its clients, which include challenger banks, fintech startups, and other financial service providers. The modernized infrastructure will be built on Fiserv's leading-edge payments technologies, including its Enterprise Payments Platform and the DNA® core platform, all deployed in the public cloud for enhanced scalability and flexibility.

"Peoples Group is at the leading edge of innovation in Canada's financial ecosystem, and we're proud to support their next-generation payments strategy," stated Sayantan Chakraborty, Head of Digital Payments at Fiserv. "With the Fiserv Enterprise Payments Platform, we're delivering the scale, security and connectivity financial institutions and fintechs need to grow and compete across Canada."

Beyond Speed: The Strategic Power of Rich Data

While instant transactions capture headlines, a quieter but equally profound revolution is happening in the data that accompanies payments. A core component of this new platform is its native support for ISO 20022, the emerging global standard for financial messaging. This standard replaces older, limited data formats with a highly structured and data-rich framework, akin to upgrading from a brief telegram to a detailed, itemized invoice attached to every payment.

This transition to richer data has far-reaching implications. For businesses, it promises to dramatically simplify reconciliation, as payments can now carry extensive information like purchase order numbers and tax IDs, enabling seamless integration with accounting systems and significantly reducing manual work. For financial institutions, the enhanced data provides a powerful tool for fighting financial crime. The structured, detailed information allows for more sophisticated analytics and anomaly detection, improving the accuracy of anti-money laundering (AML) screening and reducing the number of false positives that plague legacy systems.

Furthermore, this data-rich environment is expected to fuel a new wave of financial products. Services like just-in-time payroll, instant insurance claim payouts, and automated cash flow optimization tools for small businesses become far more feasible when the underlying payment system can handle both the speed and the information required.

Empowering Canada's Fintech Innovators

This partnership solidifies Peoples Group's strategic identity not just as a financial institution, but as a foundational platform for financial innovation in Canada. By investing in enterprise-grade infrastructure, the company is positioning itself as the go-to partner for fintechs and challenger banks that need robust, scalable banking and payment capabilities to compete with established giants.

Historically, building proprietary payment systems has been a complex, expensive, and resource-intensive endeavor, creating a significant barrier to entry for new players. This collaboration aims to dismantle that barrier by offering a turnkey solution.

"We're committed to providing enterprise-grade infrastructure and architecture that empowers our customers to deliver at scale, innovate faster and focus on delivering exceptional customer experiences," explained William Keliehor, Chief Client Officer at Peoples Group. "Our platforms and solutions help accelerate digital transformation for our partners... reducing the costs, complexity and risks associated with developing proprietary systems."

By providing this digital backbone, Peoples Group allows fintechs to focus their resources on what they do best: building unique, customer-centric products and experiences. This move is expected to foster a more dynamic and competitive financial ecosystem, ultimately benefiting Canadian consumers and businesses with more choice and better services. The initiative represents a significant step forward in preparing the country's financial architecture for a future that is not only faster and more efficient but also more intelligent and interconnected.