What Keyrails does

Keyrails is a Calgary-based payments infrastructure company founded in 2023 that operates Stable OS 2.0, an institutional payment execution layer for high-value cross-border trade payments in emerging markets. The platform connects stablecoins to local RTGS (Real-Time Gross Settlement) systems via 450+ nostro accounts (accounts a bank holds at a foreign bank in the local currency) across 100+ jurisdictions, enabling settlement to beneficiary banks through local real-time settlement rails. A single unified wire instruction routes payments through SWIFT (Society for Worldwide Interbank Financial Telecommunication) across 100+ markets and 75+ currencies, with direct banking relationships in New York, London, and Hong Kong providing extended cut-off time coverage and an average 12 hours of processing uptime.

The company targets financial institutions (banks and non-bank financial institutions) and trade and commodity platforms executing cross-border trade and correspondent-style flows. Its technology stack leverages SWIFT connectivity (BIC: KEYRCA62), Circle Alliance Program membership for stablecoin compatibility, and an AI-driven compliance layer via a Flagright partnership for transaction monitoring, watchlist screening, risk scoring, and case management. Keyrails holds multi-jurisdictional regulatory registrations, including PSP (Payment Service Provider) status under Canada's Retail Payment Activities Act, MSB (Money Services Business) registration with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and FinCEN (Financial Crimes Enforcement Network), and VQF SRO (Self-Regulatory Organization) membership in Switzerland.

Keyrails generates revenue through transaction fees on payment processing and foreign exchange services, with registered activities including foreign exchange dealing, money transferring, and dealing in virtual currencies. Pricing is not publicly disclosed and follows a quote-based enterprise model with multi-year contracts, distributed exclusively through direct enterprise field sales targeting institutional clients in regions including West Africa, East Africa, South Africa, GCC, South Asia, LATAM, and beneficiary hubs in China, Hong Kong, Singapore, UAE, Turkey, India, Bangladesh, South Korea, and Vietnam. The company raised a $4.7 million seed round in October 2024 led by 212, with participation from H2O Investment, Simya VC, and StartupFon.

Name

Keyrails

Legal name

Keyrails Inc.

Website

https://keyrails.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Keyrails provides institutional payment infrastructure for high-value import-export and commodity trade across 100+ emerging markets via 450+ nostro accounts, serving banks, non-bank financial institutions, and trade platforms with stablecoin-compatible execution and local RTGS settlement.

Ownership category

akta.pro rank

Product category

Cross-Border Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF)

akta.pro secondary industries

Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH), Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• Cross-border payments
• Trade finance infrastructure
• Emerging market payments
• Stablecoin settlement
• RTGS payment rails

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Payment Processing & Transaction Fees: Revenue generated from processing high-value trade payments across emerging market corridors. The platform enables institutional clients to execute cross-border trade and correspondent-style flows with settlement via SWIFT and local RTGS systems.
2. Foreign Exchange Services: Registered as a foreign exchange dealer providing fx pricing and execution for non-USD corridors. Keyrails enables bank-grade fx pricing for institutional clients managing liquidity across emerging market currencies.
3. Virtual Currency Services: Registered for dealing in virtual currencies, enabling stablecoin-compatible payment execution for institutional clients. Revenue derived from stablecoin-to-fiat settlement services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Keyrails provides an institutional payment execution platform, Stable OS 2.0, for high-value trade payments in emerging markets. The platform connects stablecoins to local RTGS rails through 450+ nostro accounts across 100+ jurisdictions, enabling financial institutions, trade platforms, and commodity operators to execute cross-border trade and correspondent-style flows through a single unified wire instruction across 75+ currencies, with same-day settlement via SWIFT connectivity.

Product overview

Keyrails offers Stable OS 2.0 as its core institutional payment execution platform designed specifically for high-value trade payments in emerging markets. The platform enables financial institutions, trade platforms, and commodity operators to execute cross-border payments through a single unified wire instruction, connecting stablecoins to local RTGS rails via over 450 nostro accounts across 100+ jurisdictions. Key features include same-day RTGS settlement, SWIFT connectivity (BIC: KEYRCA62), and support for 75+ local currencies.

Differentiator

Problem solved

Functional benefit

Products and services

• Stable OS 2.0 Institutional payment execution layer designed for high-value trade payments across emerging markets. Enables financial institutions, trade platforms, and commodity operators to execute cross-border payments via SWIFT (BIC: KEYRCA62) with settlement at beneficiary banks through local RTGS systems. Connects stablecoins to local RTGS rails via 450+ nostro accounts across 100+ jurisdictions, with direct banking relationships in New York, London, and Hong Kong providing average 12-hour processing uptime.

Quantifiable outcome

• Settlement in hours rather than days for high-value trade payments
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability1 record

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• FlagrightcoreTechnology or Integration · 13 October 2025Keyrails partnered with Flagright to enhance real-time financial crime prevention capabilities. The integration includes transaction monitoring, watchlist screening, risk scoring, case management, and AI-driven forensics. This collaboration supports Keyrails' expansion into fiat capabilities alongside stablecoin operations, providing extensive oversight of fiat and stablecoin transactions with increased visibility, reduced false positives, and faster case resolution.
• CirclecoreStrategic or Co-development PartnerKeyrails is a Certified Member of the Circle Alliance Program. This partnership enables Keyrails to offer stablecoin-compatible payment services through Circle's infrastructure, supporting the execution layer for institutional clients making high-value trade payments with stablecoins in emerging markets.
• SWIFTcoreTechnology or IntegrationKeyrails is a SWIFT member with BIC code KEYRCA62. The company utilizes SWIFT connectivity as its primary payment routing infrastructure, enabling named (POBO) SWIFT payouts to 170+ countries in USD and 100+ countries in USD + Local Currency.
• Capital In MotionminorStrategic or Co-development PartnerCapital In Motion is listed as a contact point on Keyrails' website, suggesting a business relationship or partnership for capital movement services in the payments ecosystem.

Scale indicators5 records

Recent moves5 records

Broad incumbents

• Ripple: Ripple operates RippleNet and the RLUSD stablecoin for institutional cross-border payments and on-demand liquidity, directly comparable to Keyrails' stablecoin-to-RTGS execution layer for emerging market trade corridors. Both target banks and NBFIs for high-value B2B settlement.
• MoneyGram: MoneyGram operates one of the world's largest cross-border P2P and B2B payment networks with significant emerging market footprint. Comparable in corridor coverage and emerging market focus, though with broader retail remittance exposure.
• Currencycloud (Visa): Currencycloud, owned by Visa, provides cross-border B2B payment infrastructure and FX execution via APIs for banks and fintechs. Comparable in targeting financial institutions with embedded cross-border payment capabilities.
• Wise (formerly TransferWise): Wise operates a global multi-currency account and cross-border payment network spanning 70+ countries with local settlement. Comparable on multi-currency cross-border execution and B2B/institutional payment flows, though broader consumer focus.
• Conduit / Onyx by J.P. Morgan: J.P. Morgan's Onyx (formerly Liink) and broader Kinexys platform offers institutional blockchain-based cross-border payments and tokenized settlement. Comparable as incumbent infrastructure targeting bank-to-bank emerging market flows with stablecoin/token rails.

Direct peers

• Thunes: Thunes operates a cross-border payments network connecting 130+ countries with local payout rails for emerging market corridors. Highly comparable to Keyrails' emerging market RTGS network and shared focus on banks, NBFIs, and trade platforms.
• Circle: Circle is the issuer of USDC and operates a payments-focused stablecoin network; Keyrails is a Certified Member of the Circle Alliance Program and uses Circle's infrastructure for stablecoin execution. Both enable fiat-to-stablecoin and cross-border settlement for institutional clients.
• TerraPay: TerraPay provides cross-border payments infrastructure focused on emerging markets, enabling banks, mobile wallets, and financial institutions to send money to 100+ receiving countries. Directly comparable in corridor coverage and target customer segments.

Emerging players

• Flutterwave: Flutterwave provides pan-African payment infrastructure including cross-border trade settlement and FX for businesses operating across Africa and emerging markets. Comparable on emerging market corridor focus and B2B payment execution.
• BVNK: BVNK provides stablecoin and fiat payment infrastructure for businesses, enabling cross-border B2B settlement via stablecoins. Directly comparable as an emerging payments infrastructure peer in the stablecoin-to-bank settlement space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keyrails