Milestone reflects KOHO’s operational growth and expanding role in driving innovation and competition in Canadian payments.
KOHO, Canada’s top-rated money management app, announced that it has become a member of Payments Canada as a supervised Payment Service Provider (PSP). This milestone marks a key step in KOHO’s growth and its expanding participation in Canada’s evolving payments ecosystem.
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Payments Canada owns and operates the core clearing and settlement systems that enable the safe, efficient movement of money across the Canadian economy. By becoming a member, KOHO will participate in Payments Canada’s governance, policy development, and payments modernization initiatives, including applying to participate on the upcoming Real-Time Rail (RTR) system.
“Joining Payments Canada reflects how far KOHO has grown within Canada’s financial ecosystem,” said Daniel Eberhard, Founder and CEO of KOHO. “Membership allows us to move faster, deliver more efficient financial services, and create real value for Canadians. Greater access and competition strengthen the payments system, support economic growth, and help build a better financial future for both consumers and businesses.”
“KOHO’s membership reflects the positive impact of expanding access to our national systems to include payment service providers,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “Their commitment to innovation and their focus on providing money management tools for Canadians align with our goal of fostering a more competitive and inclusive payment ecosystem. We value KOHO’s interest in applying to participate on our systems, including the forthcoming Real-Time Rail, as we work with our members, partners and regulators to enhance the speed and efficiency of payments for all Canadians.”
KOHO has built a suite of intuitive financial tools designed to help Canadians manage their money with confidence and transparency. Over the past year, KOHO expanded its offerings to include high-interest savings, cash back, credit-building features, and joint accounts, showing its commitment to supporting Canadians nationwide.
By joining Payments Canada, KOHO is not only enhancing its own capabilities but also contributing to a more resilient, inclusive, and innovative payments ecosystem that benefits businesses and consumers alike.
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