Canada-Mexico Trade Pushes Case for Modern Payment Rails

Canada and Mexico have built increasingly integrated supply chains under the Canada-United States-Mexico Agreement, which took effect on July 1, 2020. Bilateral merchandise trade reached C$56.0 billion in 2024, according to Canadian parliamentary data. Yet commercial payments still often move through correspondent banks, currency conversions and batch-based processes, adding cost, delays and limited visibility for companies operating across the corridor.

The latest report argues that the overlooked Canada-Mexico corridor now needs payment infrastructure capable of linking domestic systems more efficiently. The Canada-Mexico Action Plan 2025-2028, unveiled on September 18, 2025, includes cooperation on digital transformation in financial services. It does not, however, announce a direct connection between Payments Canada and Banco de México payment systems, nor does it specify funding or a launch date, leaving implementation to future government and industry initiatives.