Membership opens up the opportunity to access the payment infrastructure owned and operated by Â鶹ÊÓƵ.
Our members are committed to upholding Â鶹ÊÓƵ’s mandate, including following the legal framework of the national payment systems as set out in the .
Â鶹ÊÓƵ membership is categorized into two types: mandatory members and non-mandatory — or eligible — members. Mandatory members are the Bank of Canada and all chartered banks operating in Canada. Non-mandatory members are trust and loan companies, credit union centrals, life insurance companies, and federations of caisses populaires and other deposit-taking institutions.
The benefits of Â鶹ÊÓƵ membership
In 2022, Wealthsimple joined Â鶹ÊÓƵ and became the first non-bank/credit union to ever be granted .
“In addition to accessing Â鶹ÊÓƵ systems, Wealthsimple also sits on the Membership Advisory Council (MAC). This gives Wealthsimple a seat at the table alongside banks and other key industry players to share data and insights, discuss what’s on the hearts and minds of Canadians and help shape the future of Canada’s payment infrastructure.â€
- Hanna Zaidi
Chief Compliance Officer
Wealthsimple
Value of membership
Access
The participation requirements for each payment system vary depending on an organizations’ participation level. A direct participant is a financial institution that has a and is authorized to access and participate on the payment systems directly. Â鶹ÊÓƵ membership does not guarantee access to payment systems.
- the Retail batch payment system includes direct participants — direct clearers, group clearers and clearing agents — and indirect clearers—members that use the services of a clearing agent for exchange and settlement of payment items
- Lynx, Canada’s high-value payment system includes direct participants and Lynx non-participant partners
Contribute
Â鶹ÊÓƵ members have the opportunity to stay informed and contribute to Â鶹ÊÓƵ initiatives. We offer formalized processes, including working groups and committees where members work with payment system experts, as well as regular interactions with our Industry Relations team for a more personalized engagement.
Members may:
- apply for a seat on the Member Advisory Council
- be eligible to apply for a member seat on the Board of Directors
- vote at the annual member meeting
- participate on Â鶹ÊÓƵ governance committees
Learn
Â鶹ÊÓƵ delivers original, high-quality research and insights that inform policy development, strategic and operational decision-making to members.
Members may:
- provide feedback on policy development
- receive early access to Â鶹ÊÓƵ market research, reports and in-depth presentations
- access tailored system analytics reports
Connect at The SUMMIT
Members have an opportunity to play a prominent role at The SUMMIT, Canada’s premier payment event. Our members receive early access to special offers and announcements, and other exclusive experiences and learning opportunities.
How to apply
Eligibility
Please contact us to learn more about your organization's eligibility to join the approximately 110 participating financial institutions that are members of Â鶹ÊÓƵ. You should receive a response within five business days. Organizations that are eligible for Â鶹ÊÓƵ membership are defined in subsection 4(2) of the .
Apply
If your organization is deemed eligible, Â鶹ÊÓƵ will share an application form to review and complete. Application requirements are outlined in sections 3 and 4 of the and in .
Evaluate
Applications are reviewed quarterly at Â鶹ÊÓƵ Board of Directors’ meetings. Upcoming board dates will be provided at the beginning of your application process. Your organization will be notified once a final decision has been made.
Â鶹ÊÓƵ is available to assist with any questions you may have while completing your application, reach out to info@payments.ca.
The future: Expanding membership eligibility
In November of 2023, changes to the Canadian Â鶹ÊÓƵ Act (CP Act) were included in the implementation bill tabled in Parliament. In consultation with our members, stakeholders and regulators, Â鶹ÊÓƵ will advance by-law amendments required to operationalize changes to the CP Act. We look forward to working with the industry to bring the benefits of broader access to life.
Broader membership and access to Â鶹ÊÓƵ systems will foster greater choices and innovation, laying the foundation for important benefits and opportunities for people living in Canada and their businesses.