Making history: Shakepay joins exclusive group of fintechs as a member of Payments Canada
No big deal—just making history over here!
We’re thrilled to finally share that Shakepay Inc., our CIRO-regulated securities dealer, has officially joined Payments Canada!
Not only are we joining an exclusive group of fintechs, but it marks a significant step towards bridging the gap between the crypto industry and traditional finance in Canada. We couldn’t be more excited!
Read on to learn more about what this means for you.
Why this matters
Payments Canada is a public, non-profit organization that oversees the country’s essential payment systems, including clearing and settlement. With this, they are responsible for ensuring that payments are carried out safely and securely.
The organization processes nearly $120 trillion in transactions annually—that’s $450 billion transactions every business day.
Clearing and settlement systems help banks sort out and move money between each other based on their customers' transactions. They calculate what’s owed and transfer the funds to settle everything. Without these systems, it would be very difficult for Canada’s economy to run smoothly.
Becoming a trusted, regulated player in this ecosystem is major! It sets us up to deliver smoother payment experiences and support the continued growth of digital finance in Canada.
What this means for Shakepay and our customers
For us, Shakepay Inc.’s membership means we get to deliver faster and more secure services to you. Specifically, it gives us access to join the upcoming Real Time Rail (RTR), and allows us to partner with banks to tap directly into the ACSS and Lynx settlement networks. It also means that Shakepay finally has a voice alongside the big banks and credit unions that will make it easier for us to demand for change.
What does this mean?
In simple terms, ACSS and Lynx are two different systems for handling payments in Canada. ACSS is like a daily batch processor—it collects lots of smaller payments (like cheques, debit card purchases, or direct deposits), sorts them out overnight, and settles them the next day.
Lynx, on the other hand, is a high-speed system for big, urgent payments (like wire transfers), processing them instantly and securely in real time.
Finally, access to the upcoming Real-Time Rail (RTR), which is expected to come online in 2026, will let us offer instant payments anytime. For Canadians, that means (once operational), RTR will enable:
- Faster transactions: No more waiting for payments to clear. Deposits, withdrawals, and transfers happen instantly, 24/7.
- Payment flexibility: Real-time transactions for everyday payments and seamless money transfers
- Instantaneous wage disbursement: Rather than waiting for a traditional payday, get paid immediately after completing your work.
This all makes payments smoother for you and helps us grow digital finance in Canada!
What this means for Canadians
This is a critical step toward our vision of making bitcoin more accessible to Canadians!
Joining Payments Canada, we’ll have the opportunity to participate in key discussions, collaborate with industry leaders, and influence the evolution of payment systems in Canada.
We’ll also have access to Canada’s core payment infrastructure, which will benefit Canadians and businesses alike.
With the rising cost of living, Canadians are paying closer attention than ever to fees and the quality of service they receive from financial products. When fintechs, like Shakepay, have broader access to this kind of payment infrastructure, consumers and businesses benefit from faster, more reliable transactions that seamlessly integrate traditional banking with digital assets.
More competition also means lower cost, better products, and more financial freedom for everyone.
This is a key moment in Canadian payments history—as a crypto company, we are uniquely positioned to help bridge the gap between traditional finance and digital assets, helping to shape policies, drive innovation, and create a more inclusive, efficient, and forward-thinking payments ecosystem for all Canadians.
To the bitcoin golden age
This membership is a significant milestone for us, marking a new chapter in our journey to contribute to the future of finance. We’re excited to play a key role in bridging the gap between digital assets and traditional finance, and, ultimately, shaping the future of payments in Canada.
As the Canadian payments landscape evolves, we’ll continue to explore new partnerships, expand our services, and bring even more value to our customers.
Stay tuned! Exciting things are ahead!