The technical build for Canada’s Real-Time Rail (RTR) payments system is nearing completion, with testing scheduled for autumn prior to launch.
As part of a multi-year, multi-system payments modernization initiative, RTR will enable Canadians to initiate payments and receive irrevocable funds in seconds, available 24/7/365. The system will utilize the ISO 20022 messaging standard, ensuring payment information accompanies every transaction.
Initially, Mastercard-owned Vocalink was contracted to provide the clearing and settlement infrastructure, with TCS serving as the integration lead. However, after a second project review delayed the delivery timeline, IBM Canada and CGI were brought on board.
Following several delays, the extensive project now appears close to completion. Payments Canada’s chief delivery officer, Jude Pinto, has indicated that the RTR’s technical build will wrap up in a matter of weeks, after which testing for operational readiness, user acceptance, and security will take place. A specific go-live date has not yet been announced.