Market Assessment of the Canadian Payment’s Landscape
Situation
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.
Objective
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.
Our Work
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.
Project team
- Ex-McKinsey Management Consultant with extensive experience in the finance and banking sector, based in Canada
- 10EQS Delivery Operations (=PMO) providing quality assurance, project management and expert recruitment
- 5 industry experts
Industry experts (excerpt)
- Vice President Emerging Payments and Enterprise Capabilities – Bank (Canada)
- AVP Real Time Rails and Domestic Payments – Bank (Canada)
- Director – Head of B2C Digital Products – Bank (Canada)
- Director of Payments – Bank (Canada)
- Director of Global Payments Engineering – Bank (Canada)
Results
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.