Toronto, Canada — January 27, 2026 — Wise has been granted membership to Payments Canada, allowing the company to expand its access to the country’s national payment systems and strengthen its cross-border payments offering.
The move positions Wise among the first non-bank payment service providers to join Payments Canada, following regulatory changes that opened membership to fintech firms. The development is expected to support faster and lower-cost international payments for individuals and businesses transacting in and out of Canada.
Access to core payment infrastructure
As a member, Wise is now eligible to apply for participation in key Canadian payment systems, including the Automated Clearing Settlement System, Lynx and the upcoming Real-Time Rail (RTR).
Participation in these systems would enable Wise to process payments more directly, reducing reliance on intermediary banks and improving transaction speed and cost efficiency. According to the announcement, this is expected to enhance the company’s ability to deliver cross-border payment services within the Canadian market.
The company said the membership aligns with its broader strategy of building direct connections to domestic payment systems globally.
Regulatory shift opens market to fintechs
Canada’s decision to allow non-bank payment service providers to join Payments Canada marks a significant shift in its payments landscape. The change follows legislative updates aimed at increasing competition and modernising payment infrastructure.
According to Wise, Canada is now among a limited number of G20 countries that provide direct access to payment systems for non-bank providers. This is expected to encourage greater innovation and competition in cross-border payments.
Payments Canada said expanding membership to fintech firms is intended to improve payment speed, affordability and transparency for users.
Growth momentum and global network expansion
Wise reported strong growth in Canada, with its active customer base increasing by more than 30% in fiscal year 2025. Globally, the company processed over $185 billion in cross-border transactions during the same period.
The firm said its infrastructure enables a majority of payments to be completed within seconds, supported by direct integrations with domestic payment systems across multiple markets, including the UK, Europe, Australia, Singapore, Japan, Brazil and the Philippines.
Membership in Payments Canada is expected to further strengthen this network, particularly as the country prepares to launch its Real-Time Rail system.
Digital Trade Outlook Analysis
Wise’s entry into Payments Canada reflects a broader shift towards opening national payment systems to non-bank players. As more countries adopt similar models, fintech firms with direct infrastructure access are likely to play a larger role in cross-border payments, challenging traditional correspondent banking models and accelerating payment modernisation.
Source: Wise announcement