A handful of Canadian FinTech firms are now in line to reap the benefits of the country’s incoming real-time rail (RTR) payments infrastructure system.

Float, Wise, Koho, Paramount, and Brim are now members of Payments Canada, the organization that underpins the Canadian financial system announced on Tuesday. With their membership, the companies can now apply to participate in payments infrastructure projects and rely less on third-party intermediaries to handle their transactions.

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[–] avidamoeba@lemmy.ca 14 points 1 month ago

What's Payments Canada?

Canadian Payments Association, carrying on business under the brand name Payments Canada,[2][3] is an organization that operates a payment clearing and settlement system in Canada. The Canadian Payments Association was established by the Canadian Payments Act in 1980. Among other responsibilities, it regulates and maintains directories of bank routing numbers in Canada.[4]

In 2023, Payments Canada systems cleared and settled $112 trillion or $450 billion every business day. [5]

It's under Bank of Canada.

[–] Corngood@lemmy.ml 5 points 1 month ago

Maybe I should know who these companies are, but this just made me think of

It's on Tubu. It's literally on Heebee. It's on Poodee with ads. It's literally on Dippy. You can probably find it on Weeno. Dude it's on Gumpy. It's a Pheebo original. It's on Poob.

[–] observantTrapezium@lemmy.ca 2 points 1 month ago

Funny, just yesterday I noticed I could add money to Wise by paying it as a bill through some banks (cost seems $0.31 flat, way better than even Interac).