TORONTO, July 2025 — Payments Canada is making significant progress in modernizing the nation’s payment infrastructure with notable updates to its Real-Time Rail (RTR) payment system and strategic appointments to its Member Advisory Council (MAC).
In its Q3 2025 Real-Time Rail Quarterly Update, Chief Delivery Officer Jude Pinto outlined key advancements as the RTR approaches the end of its technical build phase, in collaboration with delivery partners CGI, IBM, Interac, and Deloitte. Designed to operate 24/7/365, RTR will enable instant, data-rich, irrevocable payments and real-time settlement between financial institutions — a first in Canada.
The next stage will see the RTR enter comprehensive testing, including the deployment of advanced hardware and software systems and centralized fraud services, which add powerful features such as:
- Fraud transaction scoring
- Risk account lists
- Confirmation of payee
- A unified fraud reporting and intelligence platform
To ensure smooth industry adoption, Payments Canada has prepared a robust testing strategy and is conducting an industry-wide impact assessment to support onboarding and minimize disruption.
With flexible participation options — including direct or third-party access and settlement via the Bank of Canada or settlement agents — the RTR is designed to be both secure and inclusive, reflecting global best practices while prioritizing Canadian needs.
Alongside RTR progress, Payments Canada also announced the appointment of Shakepay as a new MAC member, with Eric Richmond representing the fintech firm. Shakepay joins five reappointed members on the 20-person council, reinforcing diversity and expertise across finance, technology, and trade sectors. The MAC, mandated by the Canadian Payments Act, provides key strategic input to Payments Canada’s Board.
These milestones were key highlights of the 2025 Payments Canada SUMMIT, where over 2,000 industry leaders discussed the future of payments. Collectively, these developments demonstrate Payments Canada’s forward-thinking, secure, and collaborative approach to building a modernized and inclusive national payments framework.
