Wise has become one of the first Payment Services Providers (PSPs) to be granted membership to Payments Canada. This milestone will enable Wise to deepen its service offering for Canadian customers, further establishing the company as a key financial player in Canada.
As a member of Payments Canada, Wise is now eligible to apply to participate in Canada’s national payment systems including the Automated Clearing Settlement System, Lynx and the forthcoming Real-Time Rail. Once a participant, Wise will be able to speed up transfer times and reduce costs for people and businesses moving money internationally in and out of Canada.
Canada is actively enhancing its payments modernization efforts, which included the federal government’s recent legislative changes that opened Payments Canada membership to non-bank (PSPs) for the first time. This decision places Canada among a group of G20 economies that have acted on commitments to improve cross-border payments. According to Wise’s 2025 G20 Report, Canada now joins a select group of eight G20 member nations that currently offer direct access to payment systems to non-bank payment service providers.
The next major milestone in Canada’s payments modernization journey will be the launch of its new instant payment system, the Real-Time Rail (RTR). As a member, Wise can now apply to connect to the RTR to offer customers even faster, lower-cost, more transparent and convenient international payment services for customers in Canada and globally.
Wise believes that moving money should be instant, low-cost and fair for everyone. Over 15 years, we’ve developed Wise’s global infrastructure so that moving and managing money internationally is as seamless, fast and affordable for our customers as possible. This network now includes direct access to domestic payment systems in eight markets including the UK, Europe, Hungary, Australia, Singapore, Japan, Brazil and the Philippines. Wise’s membership to Payments Canada is an important next step in strengthening this unique global network, which enables Wise to deliver 74 per cent of payments instantly (in less than 20 seconds)1 at an average cost of just 0.52 per cent per transaction2.
Wise continues to see strong growth in Canada, with active customers increasing by more than 30 per cent in FY25 alone. At a time when affordability is top of mind, Canada’s modernization efforts allow Wise to better serve its consumer and business customers worldwide, passing on cost savings directly and delivering on its vision of money without borders for everyone.
1 Transaction speed depends on individual circumstances and may not be available for all transactions.
2 Please see https://wise.com/ca/pricing/ for more information.
Related
This entry was posted on January 27, 2026 at 9:17 am and is filed under Commentary with tags Wise. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Wise among the first PSPs to join Payments Canada as a member
Wise has become one of the first Payment Services Providers (PSPs) to be granted membership to Payments Canada. This milestone will enable Wise to deepen its service offering for Canadian customers, further establishing the company as a key financial player in Canada.
As a member of Payments Canada, Wise is now eligible to apply to participate in Canada’s national payment systems including the Automated Clearing Settlement System, Lynx and the forthcoming Real-Time Rail. Once a participant, Wise will be able to speed up transfer times and reduce costs for people and businesses moving money internationally in and out of Canada.
Canada is actively enhancing its payment
smodernization efforts, which included the federal government’s recent legislative changes that opened Payments Canada membership to non-bank (PSPs) for the first time. This decision places Canada among a group of G20 economies that have acted on commitments to improve cross-border payments. According to Wise’s 2025 G20 Report, Canada now joins a select group of eight G20 member nations that currently offer direct access to payment systems to non-bank payment service providers.The next major milestone in Canada’s payments modernization journey will be the launch of its new instant payment system, the Real-Time Rail (RTR). As a member, Wise can now apply to connect to the RTR to offer customers even faster, lower-cost, more transparent and convenient international payment services for customers in Canada and globally.
Wise believes that moving money should be instant, low-cost and fair for everyone. Over 15 years, we’ve developed Wise’s global infrastructure so that moving and managing money internationally is as seamless, fast and affordable for our customers as possible. This network now includes direct access to domestic payment systems in eight markets including the UK, Europe, Hungary, Australia, Singapore, Japan, Brazil and the Philippines. Wise’s membership to Payments Canada is an important next step in strengthening this unique global network, which enables Wise to deliver 74 per cent of payments instantly (in less than 20 seconds)1 at an average cost of just 0.52 per cent per transaction2.
Wise continues to see strong growth in Canada, with active customers increasing by more than 30 per cent in FY25 alone. At a time when affordability is top of mind, Canada’s modernization efforts allow Wise to better serve its consumer and business customers worldwide, passing on cost savings directly and delivering on its vision of money without borders for everyone.
1 Transaction speed depends on individual circumstances and may not be available for all transactions.
2 Please see https://wise.com/ca/pricing/ for more information.
Share this:
Like this:
Related
This entry was posted on January 27, 2026 at 9:17 am and is filed under Commentary with tags Wise. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.