Payments Canada Advances Real-Time Rail (RTR) System with New Tech Partners

Payments Canada has reported “substantial progress” on its Real-Time Rail (RTR) payment system, a cornerstone of its multi-year payments modernization initiative. The RTR system will enable Canadians to send and receive irrevocable funds in real-time, 24/7/365, while leveraging the ISO 20022 messaging standard to ensure payment data travels seamlessly with every transaction.

Originally, Mastercard-owned Vocalink and TCS were tasked with developing the clearing and settlement infrastructure. However, after project delays, Payments Canada brought in IBM Canada and CGI to accelerate progress.

Jude Pinto, Payments Canada’s chief delivery officer, confirmed that the technical build is now over halfway complete. This includes hardware installation in data centers and software development for real-time clearing and settlement. Testing and member engagement are set to ramp up in the coming months.

Additionally, Payments Canada has made strides in developing an integrated fraud solution, reaching consensus with members on high-level requirements for a robust mitigation system.