They don't hold a schedule 1 banking license, so not technically a bank, but a FinTech with a banking partner who holds funds in a way that allows for CDIC backing. As a WS customer, when I send a bill payment to a non-WS account it arrives as "RBC" on the other end so I assume WS holds funds through an RBC account they maintain.

This is the hope of something like RTR - for anyone who can meet the participation requirements, an ability to operate independently of a banking partner who might be your direct competition.