Canada’s Real-Time Rail Payments Pushed to 2026, IBM and CGI Step In
Canada's Real-Time Rail (RTR) payments system, long delayed, faces further postponement, now aiming for a 2026 launch with tech giants IBM and CGI joining the project.
Payments Canada, following a comprehensive review, expresses renewed determination to advance the RTR program, a key element of Canada’s broader payments modernization initiative.
Scheduled for 24/7/365 operation, RTR promises Canadians instant payments and irrevocable funds transfer, leveraging the ISO 20022 messaging standard.
While the exchange aspect, handled by Interac, was completed in June 2023, the real-time clearing and settlement component remain in progress, with testing slated until 2026.
Notably, the update omits previous partners Mastercard-owned Vocalink and TCS, welcoming IBM Canada and CGI into the fold alongside Interac.
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Amid ongoing delays, Payments Canada interim co-CEO Jude Pinto assures stakeholders of forthcoming updates as the project progresses, emphasizing its significance for Canada’s economy and international competitiveness.
This development follows a series of setbacks, including a third-party review in early 2023, prompting further testing and investments to ensure seamless operation upon RTR’s eventual launch.
Alexander Stefanov
Reporter at CoinsPress
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