Paramount Commerce Achieves Elite Payments Canada Membership

Paramount is among the initial Payment Service Providers (PSPs) to secure direct membership status.

Paramount Commerce, Canada’s leading pay by bank provider, announced a landmark achievement: its approval as a Payments Canada Member. Paramount Commerce is among the initial cohort of Payment Service Providers (PSPs) to be granted this status, marking a pivotal moment in the modernization of Canadian payments.

Up until today, very few non-bank/non-credit unions have achieved Payments Canada membership status. By joining this select group, Paramount Commerce is cementing its leadership status at the forefront of Canada’s evolving payment landscape.

Becoming a Payments Canada member is the critical first step that enables Paramount Commerce to begin the formal process to apply to directly participate in Canada’s core payment clearing and settlement systems, including the forthcoming Real-Time Rail (RTR). This shift offers immediate, impactful benefits for both the company and its merchants:

– Faster Settlement: Direct participation means faster transaction processing and reduced settlement times, improving merchant cash flow.
– Enhanced Control: Direct access provides greater operational stability, resilience, and control over the payment infrastructure.
– Driving Innovation: Paramount can now collaborate directly to shape and accelerate the adoption of Canada’s newest payment capabilities.

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“Achieving Payments Canada membership is a monumental step that validates our commitment to innovation. This new status empowers us to deliver faster, superior payment solutions to our merchants and fundamentally changes how we operate,” said Sereena Boparai, Chief Revenue Officer at Paramount Commerce. “We are proud to be one of the initial PSPs to become Payments Canada members and look forward to actively contributing to the future of Canadian payments.”

Paramount Commerce’s expertise in highly-regulated, bank-verified payments makes it a crucial addition to Payments Canada, as it leverages the national infrastructure to drive competition, financial inclusion, and best-in-class payment experiences for Canadians.

“We are excited to welcome Paramount Commerce as one of our newest members of Payments Canada,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “Expanding our membership to include payment service providers is a critical step toward a more competitive, innovative and open payment ecosystem. Paramount is a leader in bank-verified, account-to-account payments. Their membership and intention to participate on the RTR will only strengthen their pay-by-bank product offerings and better serve their customers with enhanced security, speed and efficiency. We look forward to the incredible, innovative experiences they will bring to their customers in leveraging Canada’s RTR!”

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