Payments Canada has announced significant advancements in its Real-Time Rail (RTR) payments system following the engagement of new technology partners.
As part of an extensive multi-year payments modernization initiative, the RTR system will enable Canadians to initiate payments and receive irrevocable funds in just seconds, available around the clock every day of the year. The system will also utilize the ISO 20022 messaging standard, allowing payment information to accompany each transaction.
Initially, Vocalink, a Mastercard-owned company, was contracted to provide the clearing and settlement infrastructure, while TCS took on the role of integration lead. However, following a second project review that delayed the delivery timeline, IBM Canada and CGI were brought on board last year to assist with the project.
In a recent update, Payments Canada’s Chief Delivery Officer Jude Pinto stated that the new team is now more than halfway through the technical development of the RTR. This development phase includes the installation of hardware in data centers—such as servers—as well as the programming of software necessary for the real-time clearing and settlement process.
The build will continue into the first quarter of the coming year, leading up to testing and increased engagement with direct members. Pinto also noted that progress has been made on an integrated fraud solution, with agreement reached among members and participants regarding the strategy and high-level requirements for an effective mitigation system.