From Payments Canada · · 1m 50s
Canada launches Real-Time Rail payment system
Canada's new Real-Time Rail enables instant 24/7 payments across banking channels.
In brief
Canada's new Real-Time Rail enables instant 24/7 payments across banking channels. Canada launched Real-Time Rail to provide instant 24/7 payment infrastructure for businesses and consumers. Originally reported by Payments Canada.
Canada launches Real-Time Rail
Payments Canada announced Canada's Real-Time Rail system for instant 24/7 payment infrastructure.
Real-Time Rail benefits
The system enables instant payment settlement, real-time cash flow visibility and data-rich messaging.
Economic impact
C.D. Howe Institute projects $14.5 billion in cost savings and $16 billion in economic gains over ten years.
Fraud safeguards
Canada is first G7 country with mandatory centralized fraud services for real-time payments.
Initial participants
Wealthsimple, Questbank, Peoples Trust, Paramount Commerce, KOHO, DoBusiness.com and Digital Commerce Bank joined first cohort.
Made-in-Canada approach
The system was built in Canada with collaboration from CGI, Deloitte, IBM and Interac Corp.
Consumer adoption
60% of Canadian businesses and 52% of consumers express interest in real-time payments.
System rollout
The RTR will be available to 90% of Canadians within first year after launch.
Government support
Minister of Finance François-Philippe Champagne called RTR foundation for competitive digital economy.
Bank of Canada endorsement
Bank of Canada Governor Tiff Macklem oversees RTR to ensure safety and reliability.
Industry participation
Over 100 financial institutions and payment service providers will join RTR ecosystem.
Real-time payments benefits
Real-time payments improve cash flow forecasting and reduce waiting periods for funds.
Fraud prevention
RTR includes confirmation of payee, fraud safety scores and risk repositories.
Payment infrastructure
RTR uses ISO 20022 data-rich messaging to strengthen economic sovereignty.
Future expansion
RTR will generate up to $27 billion in economic gains as new features are added.
System security
RTR provides 24/7 settlement with fraud controls for all participants.
What it means
Canada launched Real-Time Rail to provide instant 24/7 payment infrastructure for businesses and consumers.
