Canada’s national payments operator continues to improve its framework through greater inclusivity and stable governance. Recent announcements reflect Payments Canadafocuses on modernizing systems while expanding participation and ensuring continuity of leadership through industry changes. On March 19, 2026, the organization welcomed Meridian Credit Union as the first state credit union to gain full membership following recent developments. regulator updates.
Meridian, Ontario‘s largest credit union joins after changes in law Canadian Payments Act Direct access was opened to local institutions that previously participated only through central bodies.
This turning point This development follows the approval of five new payment service providers in January and signals a deliberate move towards a broader, more representative membership base.
Susan E. HawkinsPresident and CEO Payments CanadaHe noted that the addition promotes diversity and brings valuable input from credit unions serving remote and underserved communities.
Venerable François-Philippe ChampagneThe Minister of Finance and Inland Revenue highlighted how these changes empower local players to innovate within national systems, creating greater competition and improved services for ordinary Canadians.
Jay-Ann GilfoyMeridian Credit Union President and CEO called this move an exciting chance to help shape payment advancements and deliver faster, more secure options through cross-industry partnerships.
Direct membership provides organizations with influence over policies, research and expertise, while offering a pathway to eventual participation in key exchange and oversight processes. residential platforms.
However, applicants must meet stringent technical, operational and security criteria to maintain system integrity.
Many credit unions are expected to continue routing transactions through their own centers.
All such institutions remain subject to strict vigilance by federal or state authorities.
For context, Payments Canada’s networks grossed $103 trillion in 2025, underscoring the critical role these systems play at the national level. economy.
Complementing membership news, Payments Canada announced a planned executive director transition on March 11, 2026 to maintain momentum on key priorities.
Garry Fosterwho served nine years on the board—including five as chair since 2021—will complete his term on June 17, 2026.
His tenure coincided with pandemic-related acceleration digital payments.
Under his guidance, the organization launched the Lynx high-value payment system, adopted the ISO 20022 messaging standard, and advanced the Real Time Rail project into the testing and engagement phases.
Foster also supported legislative reforms that expand membership eligibility by promoting a collaborative “Team Canada” approach to modernization.
Kevan Cowanwho has been an independent board member since 2024 and the current chairman of the Risk Committee, was appointed as the new chairman.
His extensive background in capital markets, including his previous leadership at the Toronto Stock Exchange and TSX Venture Exchange and his current role as Chairman of the Ontario Securities Commission, prepares him for the responsibilities ahead.
A structured handover time will maintain continuity, especially for Real Time Rail delivery.
While Hawkins praised Foster’s consistency through transformative times, Foster expressed his excitement about laying the foundations for Canada. payment sovereignty and long-term prosperity.
these together developments Strengthening Payments Canada’s commitment to inclusive, innovative and resilient national payment systems that support economic growth and serve everyone. canadians effectively.
