Canada announces date for real-time payments system launch

Canada announces date for real-time payments system launch
Ottawa: Payments Canada has announced that, in collaboration with tech firms IBM and CGI, it will launch its Real-Time Rail system for fast digital payments as soon as 2026, after the initiative suffered a number of delays since it was first announced a decade ago.

The Ottawa-headquartered payments association said that the programme will proceed with “renewed momentum” following the completion of RTR’s exchange component in June 2023, which allows for the real-time swapping of payment messages and is provided by Canadian interbank network Interac.