Fintech Firm Pesa Joins Payments Canada to Speed Up International Money Transfers

2026-10-03 economy

Ottawa, Saturday, 3 October 2026.
Pesa has joined Payments Canada, gaining access to national infrastructure ahead of the Real-Time Rail launch, a system projected to unlock up to $27 billion in economic gains.

Pesa Secures Membership in Payments Canada

Cross-border payment provider Pesa officially became a member of Payments Canada on October 2, 2026, marking a significant milestone in its operational expansion [1]. Headquartered in Mississauga, Ontario, the fintech firm joins a regulatory framework that now accommodates non-bank payment service providers [3]. This membership grants Pesa the eligibility to apply for direct participation in Canada’s national payment systems, including the high-value Lynx system and the Automated Clearing Settlement System (ACSS) [7]. The move follows a phased onboarding process designed to ensure safety and stability within the national financial ecosystem [1].

Legislative Changes Enable Fintech Integration

The integration of firms like Pesa stems from amendments to the Canadian Payments Act enacted in September 2025 [7]. These legislative updates, alongside the implementation of the Retail Payment Activities Act (RPAA), broadened membership eligibility beyond traditional financial institutions [8]. Since the framework expanded, 22 new members have joined Payments Canada within the first year [8]. This regulatory shift aims to foster innovation and competition while maintaining the secure payment systems Canadians rely upon [8].

Real-Time Rail and Economic Projections

Membership serves as a prerequisite for participating in the Real-Time Rail (RTR) system, scheduled for launch in Q4 2026 [1]. The C.D. Howe Institute projects the RTR could generate between $5.3 billion and $14.5 billion in cost savings over the next decade [3]. Total economic gains are estimated at $16 billion, with the potential to exceed $27 billion as additional functionality is integrated [3]. This potential upside represents a significant increase in value, calculated as 68.75 percent above the base economic gain estimate [7].

Infrastructure Modernization and Market Volume

Payments Canada operates critical infrastructure that cleared and settled $103 trillion in 2025, averaging over $411 billion per business day [8]. The forthcoming RTR system is designed for 24/7 instant, data-rich payments, though a specific launch date remains pending official confirmation [1]. Modernizing this ecosystem is viewed as essential for building a stronger, more competitive economy [8]. Industry data suggests 65% of businesses demand instant cross-border payments due to gaps in traditional bank services [7].

Strategic Focus on Diaspora Communities

Pesa operates internationally across Canada, the United States, the United Kingdom, Australia, Nigeria, and select European markets [3]. The company facilitates transfers to over 40 countries, focusing on diaspora communities often underserved by traditional banking [3]. Co-founders Tolulope Osho and Wale Afolabi aim to utilize the integration to facilitate faster and more transparent money transfers [6]. While membership creates the pathway, Pesa must still meet applicable technical, operational, and security requirements to finalize participation [6].

Regulatory Oversight and Future Outlook

Payments Canada maintains ongoing governance and risk oversight protocols regarding institutional membership and system access [4]. The organization oversees high-value and retail payment systems, ensuring adherence to established regulatory standards for all participants [4]. Donna Kinoshita, Chief Payment Officer at Payments Canada, noted that welcoming organizations like Pesa reflects growing interest in Canadian payments [1]. As the industry prepares for the RTR launch, the focus remains on catalyzing economic benefits through payment innovation [7].

Sources

Cross-Border Payments Fintech Infrastructure