Wise Joins Payments Canada, Ushering in New Era for Financial Tech

TORONTO, ON – January 27, 2026 – In a landmark move for Canada's financial sector, global technology company Wise has been granted membership to Payments Canada, signaling a significant shift in how money moves across the country and its borders. This development makes Wise one of the first non-bank Payment Services Providers (PSPs) to gain this level of access, a change poised to increase competition and deliver faster, more affordable international payments to Canadians.

The announcement is the culmination of years of advocacy and recent federal legislative changes designed to modernize the nation's payment infrastructure. As a member, Wise can now apply for direct participation in Canada’s core payment systems, a privilege historically reserved for banks and other traditional financial institutions.

A Policy Shift Opens the Gates

Wise's admission is part of a broader, deliberate policy shift by the Canadian government. Recent amendments to the Canadian Payments Act officially opened membership eligibility to non-bank PSPs that are registered and supervised by the Bank of Canada under the Retail Payment Activities Act (RPAA). This new regulatory framework is designed to foster innovation while ensuring the safety and security of the financial system.

Wise is not alone in this breakthrough. It joins a cohort of four other newly admitted fintech firms: Float Financial Solutions, KOHO Financial Inc., Element Financial Technology Inc. (operating as Paramount Commerce), and Brim Financial Inc. The inclusion of this diverse group—spanning international transfers, corporate spending, and consumer finance—underscores a systemic commitment to a more open and competitive financial ecosystem.

This places Canada among a select group of G20 economies acting on commitments to improve cross-border payments. According to Wise's 2025 G20 Report, Canada now joins just seven other member nations that offer non-bank payment providers direct access to their core financial infrastructure.

"Becoming members of Payments Canada is a significant step forward that will enable us to offer even faster, more affordable and more convenient international payments to Canadians and to global customers moving money to Canada," said Diana Avila, Chief Banking and Expansion Officer at Wise. "As this becomes a reality, we see Canada as a global leader in bringing greater participation, innovation and competition to the industry."

Unlocking Faster, Cheaper Global Transfers

For consumers and businesses, the practical implications of this move are substantial. By gaining the ability to connect directly to Canada's payment systems, Wise can bypass many of the intermediary financial institutions that traditionally add cost and delays to international transactions. This direct access applies to three critical systems:

• Automated Clearing Settlement System (ACSS): The backbone for most retail payments in Canada, handling billions of transactions annually, from pre-authorized debits to online bill payments.
• Lynx: Canada's high-value, real-time gross settlement system, which processes trillions of dollars in time-sensitive transactions.
• Real-Time Rail (RTR): The highly anticipated instant payment system currently under development.

This integration allows Wise to extend its efficient global network deeper into Canada. The company already delivers 74 percent of its global payments instantly (in under 20 seconds) at an average cost of just 0.52 percent per transaction. By reducing its reliance on third-party banking partners in Canada, Wise expects to pass on further savings and speed improvements directly to its customers, who have seen their numbers grow by over 30 percent in Canada in the last fiscal year alone.

The Race to Modernize: Canada's Real-Time Rail

A key piece of this modernization puzzle is the forthcoming Real-Time Rail (RTR). Though its launch has been subject to delays, with a target now set for no earlier than 2026, the RTR promises to be a game-changer. It will enable Canadians to send and receive data-rich payments instantly, 24 hours a day, 365 days a year.

As a new member of Payments Canada, Wise is now positioned to be among the first fintechs to connect to the RTR upon its launch. This would allow for near-instantaneous settlement of international funds once they enter the Canadian system, dramatically reducing wait times for recipients.

The move is being welcomed by the organization overseeing the transformation. "By expanding our membership to technology leaders like Wise, we are fostering a more competitive ecosystem that will directly benefit Canadians through fast, affordable and transparent payments," stated Donna Kinoshita, Chief Payments Officer at Payments Canada. "Wise's continued investment in creating an innovative global network will support a more competitive financial ecosystem that offers more choice, and help better serve Canadians moving money across borders."

A Global Strategy Comes to Canada

This Canadian expansion is a core component of Wise's global strategy, which hinges on integrating directly with domestic payment systems around the world. The company has successfully executed this model in seven other key markets, including the UK, Europe, Australia, and Japan. The goal is always the same: to build a new kind of financial network that is faster, cheaper, and more transparent than the traditional correspondent banking system.

For over 15 years, Wise has been developing this proprietary infrastructure, which in fiscal year 2025 processed over $185 billion USD for 15.6 million customers. Gaining membership in Payments Canada represents a major victory in one of the world's largest economies, solidifying the company's position as a key player in the global financial landscape.

As affordability remains a top concern for Canadian households and businesses, the increased competition and innovation spurred by these regulatory changes are set to provide tangible relief. By allowing disruptive technology companies to participate directly in the core financial system, Canada is not just modernizing its payment rails; it is actively redesigning its financial future to be more open, efficient, and user-centric.