Pesa joins Payments Canada as RTR launch nears

Pesa has become a member of Payments Canada, giving the cross-border payments provider a pathway to apply for access to Canada’s national payment systems as the country prepares to launch its Real-Time Rail in Q4 2026. The move could help Pesa build faster and more transparent money movement for customers across borders if it meets the required technical and security standards.

Why it matters: - Pesa’s membership creates a pathway toward participation in Canada’s national payment systems. - The move comes as Canada prepares to launch the Real-Time Rail, a new payments rail built for instant, data-rich transfers. - If Pesa ultimately participates, the underlying infrastructure could improve speed, transparency and convenience for inbound cross-border payments. - The change also reflects broader access to Canadian payment infrastructure after rule changes expanded eligibility for registered payment service providers.

What happened: - Pesa became a member of Payments Canada, the organization responsible for Canada’s critical payment infrastructure. - The membership was announced on October 3, 2026. - Pesa is a cross-border financial services provider serving diaspora communities across the UK, Canada, the US, Nigeria, Ghana, Kenya, the UAE and Europe. - Payments Canada said membership is the first step toward applying for participation in its systems, subject to meeting applicable requirements.

The details: - The Canadian Payments Act was amended to broaden membership eligibility to registered payment service providers registered under the Retail Payment Activities Act. - The changes are intended to expand access to Canada’s national payment infrastructure and support more participation and innovation in the payments ecosystem. - The Real-Time Rail is scheduled to launch in Q4 2026. - The RTR is designed to enable instant payments 24 hours a day, 365 days a year. - Payments Canada is taking a phased onboarding approach to protect the safety, security and stability of the financial system. - Participants must meet technical, operational and security requirements before joining. - The C.D. Howe Institute estimates the RTR’s initial capabilities could generate between $5.3 billion and $14.5 billion in cost savings over the next decade. - The institute estimates total economic gains of $16 billion, potentially rising above $27 billion as additional functionality is added. - Pesa’s CEO and co-founder Tolulope Osho said the membership is a milestone for Pesa and for customers moving money across borders. - Osho said Pesa was built after firsthand experience with the difficulty of cross-border money movement. - Pesa has invested in building the infrastructure behind the customer experience as well as the experience itself. - Pesa’s co-founder and CTO Wale Afolabi said the company wants to get closer to the infrastructure that powers payments in Canada. - Afolabi said Pesa wants to be positioned to build with the system as it evolves. - Payments Canada Chief Payment Officer Donna Kinoshita said Pesa is joining at an exciting moment ahead of the RTR launch. - Kinoshita said membership is the key first step to participating in the RTR.

Between the lines: - The announcement signals that Canada’s payments modernization is opening the door to more non-bank and fintech participation. - For cross-border providers like Pesa, membership is not the finish line. It is an entry point to a longer approval process. - The focus on infrastructure suggests Pesa is aiming to compete on payment speed, reliability and transparency, not just on customer-facing features. - The RTR could matter most for the inbound leg of cross-border transfers, where faster domestic settlement can improve the customer experience.

What’s next: - Pesa will need to meet applicable technical, operational and security requirements before it can participate in Payments Canada systems. - The company can now move forward on applications tied to Canada’s payment infrastructure. - Canada’s RTR launch in Q4 2026 will be the next major milestone for the sector. - Pesa said it is building toward faster and more seamless ways for customers to move and manage money.

The bottom line: - Pesa has secured a foothold in Canada’s evolving payments ecosystem, but real access to the new rails will depend on clearing the technical and regulatory hurdles ahead.