Pesa joins Payments Canada ahead of Real-Time Rail

Pesa has become a member of Payments Canada, following changes to the Canadian Payments Act that widened eligibility.

The move brings the cross-border financial services provider into the national body that oversees Canada's core payment infrastructure, as the country prepares to introduce its Real-Time Rail system. Under the revised framework, registered payment service providers covered by the Retail Payment Activities Act can join Payments Canada.

Pesa serves diaspora communities in markets including the UK, Canada, the US, Nigeria, Ghana, Kenya, the UAE and parts of Europe. Membership gives it a way to engage more directly with Canada's payments infrastructure and to seek participation in payment systems once it meets the relevant requirements.

Canada's payment modernisation programme has drawn attention across the financial sector because the planned Real-Time Rail is intended to support instant payments around the clock. Payments Canada is introducing the system in phases, and participants must meet technical, operational, and security standards before they can connect.

Membership does not amount to direct participation in the rail itself, but it gives Pesa a formal position within the organisation as Canada opens access to a wider range of payment providers. For firms handling remittances and other cross-border transactions, that shift could reshape how they connect with domestic infrastructure.

"Becoming a member of Payments Canada is an important milestone for Pesa and for the customers who trust us to move money across borders. We started Pesa because we experienced firsthand how difficult and frustrating that could be. As we've grown, we've invested in building the infrastructure behind the experience as much as the experience itself. This membership gives us another opportunity to build toward faster, more seamless ways for our customers to move and manage money," said Tolulope Osho, Chief Executive Officer and Co-Founder of Pesa.

The policy change stems from amendments designed to broaden access to national payment systems and increase participation across the payments market. That matters in Canada because Payments Canada sits at the centre of clearing and settlement arrangements used by banks and other financial institutions.

RTR rollout

The Real-Time Rail is expected to enable data-rich payments to move continuously, every day of the year. According to figures cited by Pesa, Payments Canada estimates the system's initial functions could generate between $5.3 billion and $14.5 billion in cost savings over the next decade, while wider economic gains could exceed $27 billion as more functions are added.

Those projections help explain why payment providers seeking a stronger domestic footing are closely watching access to the system. Although the rail is designed for payments within Canada, any provider that eventually connects may be able to improve parts of the customer experience linked to international money movement, including speed, visibility and ease of use.

Pesa said its interest in membership is tied to those longer-term infrastructure changes. Headquartered in Mississauga, Ontario, the company operates across Canada, the United States, the United Kingdom, Australia, Nigeria and selected European markets, and enables customers to send money to more than 40 countries.

Its business centres on cross-border transfers and related financial services for individuals and businesses operating across multiple countries. In addition to international money transfers, customers can convert and hold multiple currencies through its platform.

Infrastructure access

For fintech groups, the broader significance is that membership in national payment bodies can offer a clearer path into systems traditionally dominated by banks and large financial institutions. Canada's regulatory changes are part of an effort to update that structure as payment services diversify and more non-bank providers take on a larger role in moving money.

For Pesa, the engineering case for the move is tied to getting closer to the systems that underpin domestic transactions. Wale Afolabi, Co-Founder and CTO of Pesa, said:

"From an engineering perspective, this is about getting closer to the infrastructure that sits underneath how payments move in Canada. As that infrastructure evolves, we want to be in a position to build with it. That means thinking not just about how money moves today, but about how we can make that experience work better for customers tomorrow."

Pesa operates through regulated entities and says it holds the licences and registrations needed in key markets including Canada, the United States, the United Kingdom and Australia. Its addition to Payments Canada reflects how regulatory reform is beginning to broaden the range of organisations able to sit within the country's payment framework.

That widening of access comes as competition in remittances and international transfers remains intense, with providers under pressure to reduce costs, improve settlement times and give users more transparency over where funds are and when they will arrive. Membership alone does not solve those issues, but it can affect how a provider positions itself as domestic infrastructure evolves.

Canada's approach also highlights a wider trend in payments policy, with regulators and infrastructure bodies reconsidering who should be able to connect to critical systems. For payment service providers with a cross-border focus, this can open new options for linking international services with domestic rails that have historically been harder to access.