Canada’s real-time payment system rollout has been postponed to 2026, marking further delays in its implementation.
After conducting a thorough second review, Payments Canada has revealed its intention to revamp the RTR program, albeit with a revised timeline, as reported by Finextra.
These setbacks have prompted the Real-Time Rail (RTR) project to engage new technology partners, including IBM and CGI.
Part of a broader, multi-year initiative to modernize Canada’s payment infrastructure, the RTR initiative promises to empower Canadians with instantaneous payment initiation and fund reception.
Leveraging the ISO 20022 messaging standard, the system is engineered to facilitate seamless transmission of payment information during transactions.
While the exchange component, overseen by Interac, was completed in June 2023, the development of the real-time clearing and settlement aspect remains ongoing. This crucial phase is expected to continue throughout 2024, followed by extensive testing in 2025 and industry trials in 2026, indicating a prolonged path to full implementation.
Despite the adjusted timeline, specific details regarding the launch date remain undisclosed, according to Payments Canada interim co-CEO Jude Pinto, who affirmed the organization’s commitment to providing updates in the coming months.
Pinto stated, “We recognize the anticipation within the ecosystem for the RTR launch, and we will share further details as they become available.”
“Our primary focus is on constructing a sustainable real-time payment system that will foster long-term payment innovation, bolster Canada’s international economic competitiveness, and deliver value to Canadian consumers and businesses.”
The decision to extend the project timeline follows a series of previous delays, initially aiming for launch as early as 2019, then rescheduled for mid-2023. Earlier this year, Payments Canada commissioned a third-party review to assess delivery assurance, leading to recommendations for additional testing and investments.
Source: fintech.global
