Our client was seeking to better understand the payment provider landscape in Canada, with a specific focus on providers facilitating high volumes of cross-border transactions.
The objective was to assess best practices and benchmarks in the selection and performance of cross-border payment providers in Canada, focusing on how banks, fintechs and platforms evaluate service partners. Additionally, the goal was to identify key trends and decision criteria, including regulatory alignment and technology integration, to inform the client’s procurement strategy and competitive positioning.
10EQS gathered insights from senior experts within the Canadian payments industry to map the clearing and settlement ecosystem, with a focus on cross-border transaction flows and indirect participation models. 10EQS conducted structured interviews covering market access, pricing dynamics, onboarding processes, and regulatory alignment.
The study found that the Canadian’s payment market is dominated by a few major banks and credit unions. While banks are indispensable for high-value transactions, credit unions and fintechs support smaller ones. New entrants face challenges like unclear pricing, as it is highly variable and relationship-driven, and limited influence unless seen as strategically valuable.
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