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July 6-10, 2026
Top FinTech Updates this Week
🤝 Fiserv is the first in Canada to partner with Mastercard on Mastercard Receivables Manager, helping businesses simplify and optimize the way they manage virtual card payments
🚀 Canadian Derivatives Clearing Corporation (CDCC), the Central Clearing Counterparty (CCP) for exchange-traded derivative products launched the inaugural issuance for the Secured General Collateral (SGC) Notes program which is executed and subscribed by BMO
🚀 BMO Insurance launched SmartDecision, an innovative underwriting solution that uses advanced analytics and AI-enhanced capabilities to deliver real-time decisions to clients and advisors
💼 FintechWerx International Software Services, Vancouver-based paytech firm is set to acquire Ruby Loans, Vancouver-based lendtech firm which streamlines the loan origination process by automating manual steps to prepare small business files for approval, for just under $1 million
💼 Telpay Inc., a Winnipeg-based trusted Canadian leader in business payments, acquired Notch Financial, a Toronto-based accounts receivable automation software to help Canadian businesses manage the complete flow of money by adding modern invoicing, payment collection, and ordering capabilities to its platform
🌟 Finance Minister François-Philippe Champagne approved the legal framework for Canada’s Real-Time Rail (RTR) payments system, paving the way for a launch in the fourth quarter of 2026
🌟 Canada’s Real-Time Rail progresses through industry assurance testing, ecosystem support, and phased launch preparations in 2026 Q3
Top Financial Institutions Updates this Week
🤝 TD and iCapital Network Canada Ltd., a wholly owned subsidiary of iCapital, the global FinTech company shaping the future of investing, launched a Canadian investment vehicle that will provide eligible Canadian accredited investors with access to a global real estate strategy managed by TD Asset Management
🤝 TD Insurance and REALTOR.ca are launching an integrated digital experience to bring home insurance guidance into the home-buying journey
🚀 Lightworks, Scotiabank, Sun Life and TELUS launched the AI Consortium, a trailblazing model to build and govern the critical infrastructure needed to implement artificial intelligence (AI) safely, responsibly and at enterprise scale
🚀 Haventree Bank, a Toronto-based Schedule 1 Canadian bank, is launching a direct-to-consumer online banking product and app, expanding on its existing mortgage-lending solutions for customers who may not meet traditional banks’ eligibility criteria
💼 National Bank of Canada, through its subsidiary Natcan Trust Company signed an agreement to acquire Truvera Trust Corporation, a Vancouver-based trust company, as part of its strategy to expand its wealth management capabilities and strengthen its presence in Western Canada
🌟 The Bank of Canada published a report summarizing the feedback it received from stakeholders and the Canadian public during consultations on its monetary policy framework
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Virtual cards are transforming B2B payments but managing them doesn't have to be complex. With Mastercard Receivables Manager, businesses can automate receivables processing, simplify reconciliation, accelerate payment acceptance, and gain better cash flow visibility. The result: improved efficiency, enhanced security, and less manual work. | LinkedIn
17 banks from six continents are preparing to pilot live transactions, reflecting strong global demand for the new addition to Swift’s technology stack and its ability to unlock faster, flexible money movement across the world. The shared ledger provides participating banks with a secure orchestration layer for bank-issued tokenised deposits on their own ledgers, enabling them to move funds for customers -- including overnight and on weekends -- before completing final settlement through existing systems. Banks benefit from improved client experience and global liquidity efficiency without compromising compliance, credit, risk and control standards embedded in existing payment processing. Banks that will pilot initial live transactions on the ledger include: ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank (FAB), FirstRand Bank Limited, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, Wells Fargo. | Swift
Payments Canada, which has spearheaded RTR’s development since 2015, said the new rules mark a “critical milestone” for the long-awaited system. RTR is meant to be a faster and cheaper payments infrastructure that is always on. While traditional payment rails often result in transactions taking days to fully settle, RTR will mean funds instantly transfer at any time, on any day. Payments Canada initially promised to deliver RTR in 2019, but the process has been fraught with delays, first being pushed back to 2022, then rescheduled for mid-2023, then again to 2026. | BetaKit
Paystone obtained Companies’ Creditors Arrangement Act (CCAA) protection and is now seeking approval from the Ontario Superior Court of Justice for a sale to a new numbered company that co-founders, CEO Tarique Al-Ansari and CFO Abdullah Saab, control. This would entail a restructuring that would reduce Paystone’s debt to $60 million. Paystone creditor the Business Development Bank of Canada (BDC) takes issue with that assertion. BDC Capital opposes this proposed sale and is pleading for a full, court-supervised sales process in the hopes of ensuring a more favourable outcome. | BetaKit
Canada’s Real-Time Rail (RTR) entered the Industry Solution Assurance (ISA) testing phase, enabling participants to connect to the platform using their own workflows and live transaction scenarios. The initiative is validating ISO 20022 messaging, real-time fraud monitoring, and operational readiness while building on successful internal performance, resilience, security, and connectivity testing completed in Q2. The update also highlights growing industry and government support for the RTR, confirms a phased rollout beginning in Q4 2026, and notes that more than 15 new members have joined this year, strengthening the ecosystem’s readiness for a secure, 24/7 real-time payments infrastructure. | Payments.ca
The acquisition of Ruby Loans “adds an important capability to our broader vision of building intelligent financial infrastructure”. The transaction remains subject to the completion of customary conditions. Fred Zdan, the founder of Rub Loans, says he developed the fintech “to simplify what has traditionally been a complex and time-consuming lending process for both borrowers and lenders.” | Fintech.ca
For more than 40 years, Telpay has helped businesses gain greater control over the money flowing out of their organizations through supplier payments, payroll, and approval workflows. With the addition of Notch's technology, Telpay is expanding its capabilities on the other side of the cash flow equation--helping businesses invoice customers, collect payments faster, and gain better visibility into incoming cash. Notch has built an innovative platform that simplifies invoicing, payment collection, and ordering while delivering an outstanding customer experience. Existing Notch merchants, partners, and Telpay customers can expect uninterrupted service and continuity throughout the transition. As integration work progresses, customers will gain access to new capabilities while continuing to rely on the service they use today. | Newswire
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Kraken has declined to comment on the matter, and the Bank of Lithuania has said that licensing processes for financial market participants remain confidential. If granted, the company would be following a route already taken by Revolut, which received a specialised European banking licence from the Bank of Lithuania in 2018. A full banking licence in Lithuania would, subject to regulatory approval, allow Kraken to expand its offering beyond cryptocurrency trading to include services such as deposit-taking and lending. Other companies holding banking or specialised banking licences in Lithuania include Revolut Bank, Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank, and Saldo Bank. | The Paypers
By introducing quantum-risk scoring and remediation workflows, BitGo enables firms to identify and move funds from exposed addresses, ensuring long-term digital asset security for institutional portfolios. BitGo solves the looming threat of quantum computing risks by providing institutional-grade tools that analyze and remediate public key exposure. While quantum attacks are not yet feasible, BitGo’s new Quantum Risk Score provides immediate visibility into which UTXO-based wallets are most vulnerable due to on-chain public key reveals. The suite focuses on proactive wallet hardening through a multi-layered approach to address hygiene. By implementing a Fix Exposed Addresses workflow, BitGo allows institutions to migrate funds before quantum advancements make legacy addresses exploitable. This is critical for institutional Bitcoin custody where long-term asset preservation is the primary objective.The system specifically targets UTXO-based assets, providing a granular view of risk that was previously unavailable in standard custody interfaces. | Fintech Finance News
The bank will operate under the name Circle National Trust. OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC – the world’s largest regulated stablecoin – through federally-regulated custody, with reserve management planned as a future capability. As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency. | Circle
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The new business, known as Connectia Trust, National Association, will be capitalized with $40 million, with Sony Bank owning 100% of the subsidiary. Sony said the bank is being established “in preparation for the commercialization of businesses related to the issuance and management of U.S. dollar‑denominated stablecoins in the United States.” “The establishment of this trust subsidiary is intended to contribute to the development of a medium to long‑term business foundation for the Sony Financial Group’s digital asset businesses.” | PYMNTS
The Consortium enables members to pool hands-on engineering, conduct deep research and align interests to jointly build and govern mission-critical AI control systems and intellectual property they would otherwise develop independently, with resulting IP deployed individually and available to members through perpetual-use and ownership rights. The AI Consortium's flagship program, the Agentic Control Plane (ACP), is already running in production in regulated environments. The ACP gives enterprises the visibility and control needed to manage Agentic AI at scale, across models, agents, users and inference pipelines. It helps support regulatory compliance, maintain operational control and currently processes more than two trillion tokens per month across member organizations. Future Consortium projects, optional to each member, include: AI Operations Center (AI-OC): providing enhanced technical and operational awareness across members to improve performance, resilience and cost management. | AI Token Exchange (AI-TX): aligning the interests and benefits of collective scale across members, simplifying and expanding access to sovereign AI factories, and delivering capabilities that may not be feasible or efficient for individual institutions to implement alone. | Scotiabank
Haventree’s first deposit product is a “hybrid” chequing-and-savings account with no monthly fees or minimum balance, as well as joint accounts, Interac e-transfer functionality, bill payments, and direct deposit. It also continues to offer fixed-term investments through GICs, but these will be available directly to customers rather than through a broker. Originally known as Equity Financial Trust, Haventree Bank rebranded in 2018 when it obtained its Schedule I banking license, providing both mortgage B-lending and GIC investments. B-lenders, or alternative lenders like Haventree, typically serve customers with lower credit or who otherwise have trouble securing loans from A-lenders, like Canada’s Big Six banks. | BetaKit
Every five years, the Bank of Canada and the Government of Canada review and renew the agreement on Canada’s monetary policy framework. The agreement will be renewed before the end of 2026. In preparation, the Bank held consultations to gather views on inflation, monetary policy and on three key challenges to Canada’s economy that were the focus of the Bank’s research: In a world with more adverse supply shocks affecting inflation dynamics and economic activity, how should monetary policy respond? In a world more prone to volatility, how should the Bank assess and communicate about inflation? What measures of core inflation are most robust to structural changes in the economy? How does monetary policy affect housing demand and supply, and how is inflation in shelter prices measured and interpreted for policy purposes? Conversations were held in communities across the country to better understand Canadians’ recent experience with inflation and to hear their perspectives on monetary policy. The Bank also met with a broad group of stakeholders including members of the research community, the private sector and civil society. | Bank of Canada
The launch of this fund expands SmartData suite and reflects commitment to meeting the needs of advisors and investors. By combining a systematic, data-driven approach with the expertise of portfolio sub-advisor are offering an innovative way to access the Canadian market, with the flexibility of an actively managed ETF series. The NBI SmartData Canadian Equity Fund’s investment objective is to provide long-term capital growth. This fund invests directly, or through investments in securities of other mutual funds, in a portfolio mainly composed of equities of Canadian companies. | National Bank of Canada
Truvera provides specialized services in estate and trust planning, as well as executor and trustee services, supporting individuals, families and business owners in managing complex wealth transitions. This acquisition reinforces NBT’s presence by adding specialized expertise and established client relationships. The acquisition enhances National Bank’s ability to deliver integrated, end-to-end wealth solutions across financial planning, wealth management, banking and trust services. By establishing a local presence in Western Canada, NBT will: Expand support for intergenerational wealth transfer and estate planning; Strengthen its presence within the local business and professional community and Build on strong collaboration across its Wealth Management services in the Western Canadian market, including National Bank Financial Wealth Management and Private Banking 1859. | National Bank of Canada
The offering expands access to global real assets for Canadian wealth managers and advisors seeking diversified solutions across private markets. The launch reflects iCapital's continued expansion of private market access in Canada, supported by its platform capabilities across operations, administration, and education, while also enabling TDAM to offer its global real estate expertise to private wealth investors through an efficient, technology-enabled investment structure. | TD
Only one-in-four Canadians review their home insurance policy annually, highlighting a gap in preparedness. The collaboration aims to help Canadians better understand insurance needs earlier in the homeownership process. Through this collaboration, TD Insurance and REALTOR.ca will: provide educational resources, expert insights and planning tools to help Canadians better understand home insurance coverage, risk prevention and long-term planning; offer a more seamless path for users to connect with TD Insurance advisors for personalized information and explore getting a quote based on their needs; and support Canadians across their entire homeownership journey, with information and guidance available for a range of property protection needs. | TD
Mr. Robbiati is a seasoned executive with extensive international leadership experience across the technology, media, telecommunications and financial services sectors in the U.S., Europe and Asia-Pacific region. He currently serves as chief financial officer of Everpure, a high-growth global technology company providing integrated data infrastructure and data-intelligent solutions. Mr. Robbiati's previous executive appointments include roles as chief executive officer at RingCentral and chief financial officer at both Hewlett Packard Enterprise and Sprint Corporation. | RBC
Royal Bank of Canada appointed Sian Hurrell and Robin Beer as Co-CEOs of RBC Europe Limited (RBCEL)
The appointments reflect RBC's strategy to accelerate growth across its European operations and maximise opportunities from its combined business portfolio in the region. In their expanded roles, Sian and Robin will set the strategic direction across the region, working with the leadership team to deliver sustainable growth for RBC. They will also be responsible for the governance and regulatory oversight for RBC's capital markets and wealth management activities in Europe. Both will retain their current roles as Head of Capital Markets Europe and Head of Global Sales & Relationship Management and CEO of RBC Wealth Management Europe, respectively. | RBC
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SGC Notes represent an innovative financial instrument designed for Canadian institutional money market investors. They offer secured, short-term cash solutions collateralized by high-quality debt securities. As an eligible instrument within The Canadian Depository for Securities Limited (CDS), SGC Notes are easily accessible and investors can purchase the notes directly from the subscriber. CDCC is currently working with other eligible banks and dealers, who are enabled on the Canadian Collateral Management Service (CCMS), to be onboarded as underwriters in the SGC Notes program. For the subscriber banks and dealers, SGC Notes provide a funding solution through CDCC's critical capital markets infrastructure which has demonstrated reliability and resilience. | Newsfile Corp.
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The round was led by Inovia Capital, with participation from Boreal Ventures. The company intends to use the capital to scale its core securities verification platform, expand its technical machine learning team, and fund the commercial rollout of “Paraito Vista,” an AI-driven multi-layer spatial data mapping utility. | FinSMEs
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The deal will separate Well Health’s primary business, which operates around 270 medical clinics across Canada, from its clinical software tools business. However, Well Health said it expects to remain a “significant long-term controlling shareholder and growing customer” of Wellstar. The combination of Wellstar and the shell company is expected to close this September, contingent on receiving preliminary approval to list on the TSXV. | BetaKit
The SBPP will roll out in two phases, with the first starting this summer. It will require federal buyers to simplify their orders so that small businesses don’t have to jump through unnecessary administrative hoops to get a contract. The second phase, intended to be implemented by the end of the year, will mandate plain language in procurement requests so it’s easier for businesses to tell if they’re a fit. The final component of the SBPP is the creation of a supplier recognition program for “trusted Canadian small businesses” to bolster businesses that repeat business with the government. The government is also improving how its new AI chatbot, Procura, guides companies on doing business with the government, and standardizing procurement contracts so they’re consistent across all departments. There is also the new “Tell Us Once” approach, which allows businesses to re-use documentation for multiple bids,as well as new tools that let businesses know if their bids are complete and error-free before they submit. | BetaKit
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SmartDecision is designed for real-life advisor and client conversations, introducing a faster, more consistent approach to underwriting while reducing complexity across the application journey. Key features include: Underwriting driven by data analytics, integrated AI and predictive modelling; Instant decisions up to $5 million, aligned with BMO Insurance's full accelerated underwriting limits; Availability across Term Life, Universal Life and Whole Life applications; No traditional tele-interviews or medical evidence requirements for eligible applicants; An advisor-led, fully digital experience that supports faster, simpler client conversations. SmartDecision builds on BMO Insurance's digital capabilities, including Rovr AI and SmartApp, to help clients move from application to coverage faster and with greater confidence. These capabilities deliver a more connected, end-to-end experience that reflects how clients make decisions in real life. | BMO
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