Payments Canada, in collaboration with key partners Interac, CGI, and IBM, has announced significant progress on its real-time payment system, Real-Time Rail (RTR), and provided an update on the development of an integrated fraud solution. The technical build of RTR is now over halfway complete, incorporating the installation of advanced hardware—servers, storage systems, and networking equipment—alongside the development of sophisticated software designed to enable a real-time clearing and settlement system.
In its latest quarterly update, Jude Pinto, Chief Delivery Officer at Payments Canada, stated, “Payments Canada and its delivery partners have made steady traction in this build component of the programme. In fact, we’re more than halfway through that. This includes the exchange component on a common infrastructure and the readiness of e-transfer to utilize the new system.” The project is set to progress through the first quarter of 2025 with continued technical build efforts and preparations for the upcoming testing phase. This next stage involves finalizing the test strategy, selecting appropriate tools, determining testing methodologies, and engaging member participants to ensure a smooth transition into industry testing.Additionally, Payments Canada highlighted notable momentum in developing an integrated fraud solution. Pinto emphasized that consensus on high-level fraud requirements has been achieved, and foundational work on the solution has begun.
The organization is actively collaborating with member participants, sharing technical and operational requirements, and assisting in the design of risk management processes that will integrate seamlessly with the new fraud capabilities. This initiative, informed by international best practices yet tailored to Canadian needs, reinforces a “made for Canada” approach to real-time payments and centralised fraud services. In related developments, the Bank of Canada has finalized the registration of payment service providers (PSPs) under the Retail Payment Activities Act, following recent amendments to the Canadian Payments Act that received Royal Assent in June 2024—expanding eligibility to include PSPs, credit union locals, and select clearing houses.
