Payments Canada has approved Meridian Credit Union as a member, making it the first credit union to obtain membership since eligibility was expanded to include credit union locals. The update follows amendments to the Canadian Payments Act that allow provincial credit unions that are members of a central to join directly, rather than being represented only through their centrals in Payments Canada governance forums. Payments Canada noted that membership requires meeting the requirements in its regulations and by-laws, and gives access to policy development, research and payment expertise, while also serving as the first step toward qualifying for direct participation in Payments Canada systems for organizations that choose to pursue it. It added that many credit unions are expected to continue connecting via their centrals given the technical, operational and security requirements for direct participation. Payments Canada also pointed to five new payment service provider members approved in January as the first wave of new members since the eligibility expansion late last year.
Payments Canada 2026-03-19
Payments Canada approves Meridian Credit Union as first eligible provincial credit union member under expanded membership rules
Payments Canada has approved Meridian Credit Union as its first credit union member following amendments to the Canadian Payments Act, which now allow provincial credit unions to join directly. This membership grants access to policy development and payment expertise, and is a step toward direct participation in Payments Canada systems. Additionally, five new payment service providers were approved as members in January, marking the first wave of new members since the eligibility expansion.