Canada’s Real-Time Rail (RTR) payment system is entering its final stages, with the technical build nearly complete and testing scheduled for autumn. Developed as a cornerstone of the country’s multi-year payments modernization initiative, RTR aims to deliver instant, irrevocable payments 24/7/365, significantly transforming how Canadians move money.
The system supports ISO 20022 messaging to enable rich data with each transaction, ensuring transparency and efficiency. Originally developed with Vocalink (a Mastercard company) for core infrastructure and TCS as integration lead, the project timeline was revised after a second delivery review. IBM Canada and CGI were later brought in to strengthen execution.
Payments Canada’s Chief Delivery Officer, Jude Pinto, confirmed that the system’s build will be finalized within weeks, followed by intensive testing for operational readiness, security, and user acceptance. While no go-live date has been announced, RTR’s impending launch marks a major leap toward real-time payments in Canada.
