LANGLEY, B.C. — Tru Cooperative Bank has announced it has become a member of Payments Canada, marking an important milestone in the cooperative’s national evolution as a federally regulated credit union and strengthening its ability to participate in the development of Canada’s payments infrastructure.
While Tru Cooperative Bank has long supported members through established clearing structures, Payments Canada membership strengthens the cooperative’s direct relationship with the national payments system operator — creating new opportunities for participation, consultation, and advocacy as Canada’s payments infrastructure evolves. For Tru Cooperative Bank, the most meaningful shift is direct engagement: moving from intermediary structures to direct participation in the processes that shape standards, rules, and system evolution.
“Canada’s payments system is modernizing, and the cooperative banking movement has an opportunity to influence that work,” said Launi Skinner, Chief Executive Officer of Tru Cooperative Bank. “Payments Canada membership brings us into key conversations where the vision, standards and future infrastructure are being shaped. We’re excited to contribute directly, not just for Tru Cooperative Bank, but as an advocate for cooperative banking and the credit union system across Canada.”
“As we continue to expand our member base, we’re proud to welcome Tru Cooperative Bank as our newest member following its successful transition to a federally regulated credit union,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “Diverse perspectives, like Tru Cooperative Bank, are vital to ensuring Canada’s payment infrastructure continues to evolve in a way that is resilient and responsive to the needs of all people in Canada and their businesses.”
A key focus of industry modernization in Canada is the Real-Time Rail, Payments Canada’s forthcoming exchange and clearing and settlement system, expected to roll out through milestones across 2026 and 2027. It is built to enable instant, data-rich, account-to-account payments on an always-on basis.
“Real-Time Rail matters for our members and the small businesses that power our communities,” Skinner says. “It offers the kind of national capability that can make everyday banking meaningfully better: faster funds availability, clearer payment information, and new ways to reduce manual reconciliation work for businesses.”
The Real-Time Rail is designed around modern data standards, including ISO 20022, enabling richer information to travel with payments, such as invoice numbers, to streamline reconciliation and improve interoperability. The Real-Time Rail also includes National Payment Fraud Services, with centralized components such as a Central Risk List, Central Fraud Analytics, Central Fraud Reporting, and Confirmation of Payee capabilities, designed to support the monitoring, detection, and prevention of fraud across the network.
Tru Cooperative Bank became a federally regulated credit union on April 1, 2026, enabling it to serve Canadians nationally while remaining member-owned and grounded in cooperative principles and local decision-making through its local brands in British Columbia.