As Canada’s payment ecosystem continues to evolve, a major milestone has just been achieved. Paramount Commerce, one of the country’s leading payment service providers (PSPs) and a leader in pay by bank solutions, has officially become a Payments Canada member.

This achievement is far more than symbolic; it marks a significant turning point in how payment processors such as Paramount Commerce can directly contribute to the modernization of Canadian payments. For merchants and partners, this shift promises faster, more reliable, and more secure payment experiences.​

What Payments Canada Does

To appreciate the importance of this milestone, it helps to understand what Payments Canada does. Payments Canada operates the country’s core payment systems, enabling billions of dollars in transactions to safely move every day through national clearing and settlement infrastructure. These systems support both retail and large-value payments and form the backbone of the Canadian economy.​

For deeper context, Payments Canada has been working closely with the federal government on a multi‑year modernization agenda, including initiatives such as the Real-Time Rail (RTR) and broader membership reform.

Expanding Membership to Payment Service Providers

Until recently, membership in Payments Canada was limited to banks, credit unions, and a narrow set of financial institutions defined under the Canadian Payments Act. In response to industry feedback, the Government of Canada announced its intention to expand membership eligibility to payment service providers registered under the Retail Payment Activities Act (RPAA), a change intended to boost innovation while maintaining safety and reliability.

You can read more about this policy shift in the federal consultation on Expanding Membership in Payments Canada

​Now, by opening the door to payment service providers, Payments Canada is creating a more open, competitive environment. Paramount Commerce is among the first PSPs in Canada to secure this membership, a clear sign of its trusted position in the industry and its readiness to meet heightened regulatory expectations.

Why Payments Canada Membership Matters for Canada

This new membership model accelerates the modernization of Canada’s payments infrastructure. As Payments Canada members, payment processors are eligible to apply for direct access to core clearing and settlement systems, and participate more fully in governance, risk management, and product innovation.

For payment service providers such as Paramount Commerce, it means:

• Eligibility to apply for direct participation in national payment systems, including the Real-Time Rail, once operational.
• Faster settlement of transactions can improve merchant cash flow and reduce operational delays.​
• Enhanced operational control and resilience thanks to direct oversight of payment clearing and settlement processes.​
• Greater scope for innovation through access to richer data and real-time infrastructure.​​

These benefits will ripple across the merchant landscape, strengthening Canada’s position as a potential real-time payments powerhouse.​

How Paramount Commerce’s Membership Benefits Merchants

For merchants, speed and trust are everything. Every payment delay affects cash flow, operations, and customer satisfaction. Paramount Commerce’s membership positions it to better support merchants with bank-verified, account‑to‑account payments.

Key benefits for merchants include:

• Faster settlement and payout cycles, helping improve liquidity and reduce working-capital friction.
• Increased transparency and efficiency in how payments are processed and reconciled.
• Enhanced reliability and security backed by regulatory oversight under frameworks such as the RPAA and strict risk controls for real-time systems.
• More advanced pay by bank experiences that reduce friction for end customers while maintaining robust fraud controls.

Building Toward Real-Time Rail (RTR)

Paramount Commerce’s membership also positions it at the centre of Canada’s upcoming Real-Time Rail (RTR) system. RTR is designed to support instant, irrevocable payments that clear and settle within seconds, 24/7/365.

If you want a concise explainer, Payments Canada’s Chief Delivery Officer provides an overview of RTR’s value for consumers and businesses in this short  Real-Time Rail video

With direct access to this infrastructure, Paramount will be able to:

• Help merchants accept real-time account‑to‑account payments with immediate confirmation.
• Integrate richer data into payment flows, improving reconciliation and customer experience.
• Design new payment experiences tailored to high‑growth online verticals, powered by always‑on infrastructure.

A New Chapter in Canadian Payment Innovation

Becoming a Payments Canada member solidifies Paramount Commerce’s role as a trusted payment processor and pay by bank leader in Canada. This milestone strengthens the company’s mission to simplify payments while supporting the growth of Canada’s digital economy.

Talk to us and learn more about our payment solutions: https://www.paramountcommerce.com/book-a-demo

FAQs:  

1. What is Payments Canada?
Payments Canada is the organization that owns and operates Canada’s core payment clearing and settlement systems, which enable individuals, businesses, and governments to send and receive electronic payments safely and efficiently.

2. What does it mean to be a Payments Canada member?
Being a Payments Canada member means an organization can apply to directly participate in Canada’s national clearing and settlement systems, helping shape rules, access infrastructure, and send or receive payments through those core systems.

3. How does Payments Canada membership benefit merchants?
Membership can enable faster settlement times, more reliable payment processing, and improved transparency, which together support better cash flow and a smoother payment experience for merchants.

4. What is a payment service provider (PSP)?
A payment service provider is a regulated company that helps merchants accept and process electronic payments, such as bank transfers, pay-by-bank, and other digital payment methods.

5. How is a payment processor different from a bank?
A payment processor focuses on enabling and routing payments between parties, while a bank provides broader financial services such as accounts, lending, deposits, and investments.

6. What is pay by bank?
Pay by bank is a payment method that lets customers pay directly from their bank account, often using secure bank verification, without needing a credit card or separate e‑wallet.

7. How does Payments Canada membership support real-time payments?
Membership can give organizations direct access to their upcoming real-time payment infrastructure, allowing them to send and receive instant payments and build products on top of real-time rails.

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