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Canada’s real-time payments system is on hold

The launch of Canada’s Real-Time Rail (RTR) payments system is postponed to an undetermined date

Canada real-time payments

Canada’s real-time payments system is on hold. Source: shutterstock.com

In a Q3 delivery roadmap update, Payments Canada revised the timing of the RTR payments system launch. It was scheduled on mid-2023. The project leader claims an extension will “provide additional time to validate and test the components and end-to-end integration of the RTR system”.

Part of a larger payment modernisation initiative, RTR will allow Canadians to initiate payments and receive funds in seconds, 24/7/365. The system will tap the ISO 20022 messaging standard to support payment information. It will work nationwide, supporting existing member financial institutions and, once legislative support is in place, non-bank payment service providers.

RTR Participants will use RTR both to enhance existing payment products, and to develop new payment products and services. 

Payments Canada is closely cooperating with several vendors on the project. Although the launch is delayed, activities in all aspects, including the delivery of the legal framework, are continuing. Thus, Mastercard-owned Vocalink is building the RTR clearing and settlement infrastructure. Local debit network Interac is acting as the exchange solution provider, while TCS works as integration lead.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.