Canada launches the Real-Time Rail, bringing 24/7 payment infrastructure to the national economy

“A stronger, more productive economy relies on modern financial infrastructure that can match our ambition,” said the Honourable François-Philippe Champagne, Minister of Finance and National Revenue. “The launch of Canada’s Real-Time Rail lays the foundation for a more dynamic and competitive digital economy, driving innovation, expanding choice and creating new opportunities for Canadians while positioning our country for long-term growth.”

“The launch of Canada’s Real-Time Rail marks the beginning of a new era for payments in our country,” said Susan E. Hawkins, President and CEO, Payments Canada. “As a national asset that’s designed specifically for our country, the RTR gives the payment ecosystem a modern foundation to build on. By collectively leveraging this rail, our ecosystem will unleash its full potential, enabling our members to build capabilities that drive innovation, resilience and growth for businesses and consumers across the nation.”

The RTR will drive significant cost savings and economic growth in Canada over the next decade. The C.D. Howe Institute projects that, with its functionalities at launch, the RTR will generate up to $14.5 billion in cost savings from lower processing costs, reduced use of cash and cheques and reduced float (the period during which funds are temporarily unavailable to the recipient). Extending beyond these cost savings, the RTR is expected to generate $16 billion in economic gains, growing to $27 billion as new functionalities are introduced over time. “The Real-Time Rail is an important step in modernizing Canada's payment infrastructure and ensuring it keeps pace with Canadians' evolving needs,” said Tiff Macklem, Governor of the Bank of Canada. “The Bank will oversee the system so that it operates safely and reliably while ensuring Canadians can benefit from innovations in financial services.”

Owned and operated by Payments Canada, and built in collaboration with delivery partners CGI, Deloitte Canada, IBM Canada and Interac Corp., the RTR leverages ISO 20022 data-rich messaging. Through this shared technical language, the RTR holds the potential to strengthen Canada’s economic sovereign autonomy and support its global competitiveness.

Fraud safeguards from day one

Canada is the first G7 country to deploy a real-time payment system with mandatory centralized fraud services for use at launch. These services will be used alongside participants’ existing fraud controls to mitigate the risk of fraud for Canadian businesses and consumers at multiple levels. Fraud controls required at the launch of Canada’s RTR include:

• Confirmation of payee (available for consumer accounts on day one)
• A fraud transaction “safety” score
• A risk list or repository of fraud risks and indicators
• A fraud reporting and intelligence platform

While no system is entirely immune to risk, these measures establish a strong, coordinated layer of defence across the payment network.

At-launch member participants

The initial cohort of active RTR system participants includes:

• Wealthsimple
• Questbank
• Peoples Trust Company
• Paramount Commerce
• KOHO
• DoBusiness.com™
• Digital Commerce Bank
• Bank of America

Canada’s deliberately sequenced RTR rollout pairs day-one security with rapid scalability. With additional participants onboarding continually in the coming months, including all major Canadian financial institutions and other members applying for access, the RTR will be available to more than nine in 10 Canadians within the first year after launch.

Made-in Canada, for Canada

The launch of the RTR reflects our ‘Team Canada’ approach, bringing together regulators, members, stakeholders and delivery partners around a shared vision. Built in Canada and designed to serve all Canadians, the RTR provides accessible payment infrastructure through existing banking and payment channels. This infrastructure supports a diverse country and a broad range of communities, including small businesses, newcomers and people in rural areas.

Payments Canada research found that 60 per cent of Canadian businesses are ready to adopt real-time payments to address everyday challenges such as forecasting cash flow and waiting to send and receive funds. More than half of surveyed consumers (52 per cent) also expressed interest and intent to use real-time payments.

To meet this evolving need, the RTR serves as a secure platform for innovation. With it, system participants can build and offer products and services that benefit consumers and businesses across the country, supporting a changing economy and Canada's future prosperity.

An infrastructure for the future

Canada’s Real-Time Rail is an important step toward a more productive, innovative and inclusive economy, and the work will continue to ensure the country’s payment infrastructure meets Canadians’ evolving needs.

For more information on Canada’s Real-Time Rail, visit payments.ca.

About Payments Canada

Payments Canada enables prosperity, productivity and safety for Canada through trusted, critical national payment infrastructure. As a public-purpose organization, we own and operate: Lynx, our high-value payment system; the Automated Clearing Settlement System (ACSS), our retail batch payment system; and the Real-Time Rail (RTR), our new real-time payment system. We establish the by-laws, rules and standards that govern these systems, which cleared and settled $103 trillion in 2025 — more than $411 billion every business day. Transactions that pass through our systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. In collaboration with our diverse membership, we continue to modernize Canada’s payment ecosystem to promote innovation, competition and deliver efficiencies that power a modern economy.

For media inquiries, please visit Payments Canada’s media centre.

Media contact: media@payments.ca

Contributed quotes:

At-launch member participants

"When Canada embraces new technology, innovation and competition follow, and consumers benefit. Canadians deserve instant, seamless, low-cost financial products to power their businesses and their lives. The Real-Time Rail can transform how money moves in this country, with payments that arrive in seconds instead of days. We’re proud to be among the first institutions to join the RTR and bring this technology to the millions of Canadians who trust us with their money." - Mike Katchen, CEO and Co-founder, Wealthsimple

"Canadians deserve a modern financial system that operates at the speed of everyday life. The launch of the Real-Time Rail is a pivotal turning point—it puts individuals in direct, immediate control of their money around the clock. We are proud to join Payments Canada in unlocking a safer, more dynamic financial ecosystem for everyone across the country." - Rob Galaski, President, Questrade Financial Group (Questbank)

"The launch of the Real-Time Rail is a transformative milestone for Canada’s financial ecosystem. As a proud member of Payments Canada and a settlement agent at launch, Peoples Group is pleased to support the foundational clearing and settlement that brings real-time payments to life. We are committed to supporting innovative businesses across the country, and look forward to direct participation as the rail expands to serve even more Canadians." - David Raju, President and CEO, Peoples Group

"Being first-to-market on the Real-Time Rail lets our merchants and partners benefit immediately from 24/7 settlement, higher transaction limits and proactive fraud defence. As one of Payments Canada's first payment service provider (PSP) members, we’re proud to have worked alongside their team to help advance Canada’s payment infrastructure and support the next chapter of payments innovation." - Sereena Boparai, Chief Revenue Officer, Paramount Commerce

"The Real-Time Rail is a significant step forward for the integrity and resilience of Canada's payment infrastructure. Building payment systems that are instant, secure and always on takes real rigour, and it's the kind of foundation a modern financial system depends on. We're excited to be part of this work with Payments Canada, and to help ensure Canadians benefit from payment infrastructure built to the highest standards.” - David Merriby, CEO of the future KOHO Bank

“DoBusiness.com™ is honoured to be one of the very first participants on Canada’s Real-Time Rail. The RTR's launch represents a milestone in how money moves across Canada and its payments sovereignty. For us, faster payments and superior fraud prevention belong together. This is an opportunity for us to help Canadian businesses modernize how they pay and verify account details before money moves.” - Shayle Rothman, CEO and Co-Founder, DoBusiness.com™

“We’re proud to be part of the Team Canada effort that brought the Real-Time Rail to life. For years we’ve helped fintechs and other corporate clients build and launch the payment services Canadians use every day. With the RTR, those companies can now give their customers faster, more robust ways to move money, right from launch.” - Jeff Smith, CEO of DCBank

"The Real-Time Rail is an important investment in Canada's economic future. Instant, data-rich payments will give Canadian businesses and their trading partners more visibility and control over their cash, and we look forward to bringing those benefits to our clients.” - Lyndsay Langford, Head of Global Payments Solutions for Canada, Bank of America

Delivery partners

“Canada’s Real-Time Rail is a significant milestone and a powerful example of what national collaboration can achieve. More than a modernization of payments, it represents an investment in critical infrastructure that will support Canada’s digital economy for generations to come. CGI is proud to have contributed alongside Payments Canada, Interac and our fellow delivery partners to this made-in-Canada initiative. Together, we’re laying the foundation for faster, more secure and resilient payments, opening new opportunities for businesses, financial institutions and Canadians. Through this work, we’re helping build what’s next for Canada’s digital economy.” - Michael Godin, President, Canada Operations, CGI

“Deloitte is very proud to have supported Payments Canada and its members deliver the technical solution for the Real-Time Rail project. This ‘made-in-Canada’ initiative will be a critical foundation for innovation and productivity in Canada while better protecting Canadians against financial crimes. We look forward to welcoming new members to the RTR and continued collaboration for the benefit of Canadians.” - Todd Roberts, Global Payments Leader, Deloitte Canada“Canadians expect payments to be fast and easy, but behind that experience, the infrastructure has to be secure, resilient and built for the future. Building a real-time payment system at this scale takes deep payments and technology experience, relentless testing and close collaboration. As the technology implementation partner, IBM Canada has worked alongside Payments Canada and its partners to bring that experience to the Real-Time Rail, helping build a strong foundation for the next generation of payments and innovation in Canada.” - Matthew Wetmore, Managing Partner and Market Leader, Consulting, IBM Canada

“As the RTR’s Technical Operator and first Fraud Services Provider, Interac is proud to support Payments Canada and the wider payment ecosystem in achieving this historic launch milestone. We bring more than 40 years of experience to these roles, and our commitment is clear: to operate always-on infrastructure Canadians can trust. As Interac e-Transfer payments begin to clear and settle on the RTR, we will put this world-class infrastructure to work for consumers and businesses.” - Jeremy Wilmot, President and CEO, Interac

Payments Canada Member and Stakeholder Advisory Councils

“The launch of Canada’s Real-Time Rail is a significant milestone for Canada’s payment ecosystem and reflects the sustained commitment and collective effort of members in bringing it to launch. The RTR establishes a modern, made-in-Canada foundation for real-time, data-rich payments that will support innovation, efficiency and improved payment experiences. As members build on this foundation, the focus will be on delivering new capabilities and experiences that create real value for consumers and businesses across Canada." - Michael Liberty, Vice President, Global Money Operations, CIBC; Payments Canada Member Advisory Council Chair“The launch of Canada’s Real-Time Rail is an important milestone for the stakeholder community and for the future of payments in Canada. By creating greater access to real-time payment infrastructure, the RTR opens new opportunities for stakeholders across the ecosystem to participate, innovate and compete. The RTR is a platform that enables new ideas, products and services that can deliver more seamless payment experiences for Canadians, and on behalf of the Stakeholder Advisory Council, we look forward to seeing what new possibilities this creates for payments in Canada.” - Daniela Aubry, Chief Payments Officer, Metrolinx; Payments Canada Stakeholder Advisory Council Chair“We are very proud to contribute to this major milestone in the modernization of payments in Canada. This is a true collective effort, made possible through outstanding collaboration among the various industry stakeholders. This initiative demonstrates what we can achieve together to advance financial infrastructure for the benefit of businesses and Canadians.” - Patrice Roy, Head of Payments, National Bank; Payments Canada Member Advisory Council Vice-Chair

Key member program contributor

“The Real-Time Rail is a powerful foundation for new business models, greater competition and economic growth across Canada. We're thrilled that Brim Financial is a future participant in Canada's Real-Time Rail. Brim's Payments-as-a-Service platform capabilities will enable real-time money movement, payments and intelligent commercial workflows in one unified ecosystem. This empowers our clients to accelerate innovation, unlock new opportunities, optimize liquidity and deliver transformative customer experiences.” - Rasha Katabi, Founder and CEO, Brim“The launch of the Real-Time Rail is a significant milestone in the modernization of Canada’s payment systems. Central 1 has invested in the infrastructure, capabilities and expertise to enable our clients to participate in real-time payments without the complexity to build and operate the underlying infrastructure themselves. Through that investment, we’re helping our clients unlock the benefits of real-time payments and extend those benefits to millions of Canadians.” - Sunny Soin, VP Product and Platform - Payments, Central 1

“In today’s high-velocity commercial environment, there is need for instant, frictionless settlement backed by world-class technology. By deploying our proprietary Citi Payment Express platform for Canada’s Real-Time Rail, we are giving our clients immediate access to 24/7 real-time settlement and rich ISO 20022 remittance data via a high-availability, low-latency platform designed for instant payments. It is a powerful example of how Citi delivers global-standard technology to solve local market needs.” - Mohneet Gujral, Head of Payments, Citi Canada

“Desjardins is proud to play a role modernizing Canada’s payment infrastructure. The Real-Time Rail will help us better serve the evolving payment needs of our members and clients, today and into the future.” - Johanne Duhaime, Senior Executive Vice President Technology and Organizational Performance, Desjardins“The Real-Time Rail represents an important milestone for Canada and the continued modernization of our payment ecosystem. Real-time, always-on payments are changing how businesses move and manage money, from providing greater visibility and control over cash to enabling faster payouts and more seamless payment experiences for their customers. We’re proud to participate in this next chapter for Canadian payments and help our clients capture the opportunities it creates.” - Dougal Middleton, Head of Payments and Treasury Services, Canada, J.P. Morgan

"The launch of the Real-Time Rail is an important milestone in the modernization of Canada's payment ecosystem. Meridian is proud to support this industry-wide effort and the development of payment infrastructure that will help enable faster, more modern payment experiences for Canadians and businesses across the country.” - Matthew Seagrim, Chief Growth Officer, Meridian Credit Union “The Real-Time Rail holds tremendous potential to empower Canadian consumers and businesses. I want to thank Payments Canada and Finance Canada for turning a sovereign real-time payments network into a reality. The imperative for made-in-Canada infrastructure that protects and supports Canadians, while strengthening domestic dependency, has never been more important. As adoption gains momentum, I look forward to seeing the positive impact that the RTR will have for workers, SMEs and homegrown innovation.” - Dan Broten, SVP and Chief Digital Officer, EQB Inc. (owner of President’s Choice Bank)

Industry association collaboration

“The CBA welcomes the implementation of the Real‑Time Rail, which will expand to include many of our members across Canada and will help modernize Canada’s payment systems and strengthen the backbone of the country’s financial market infrastructure. Innovation in payment technology continues to be a driving force behind payment choice and efficiency, thereby supporting economic growth in Canada. Security and trust remain paramount to the successful execution of real-time payments. Banks in Canada are dedicated to enabling a safe, fast and secure experience for individuals and businesses, while maintaining a resilient and stable financial system.” - Anthony G. Ostler, President and CEO, Canadian Bankers Association

“The Real-Time Rail is a momentous transformation in how payments are done in Canada. Credit unions and their members will see real benefits, including improved convenience and better cash flow management for small businesses. As part of this phased implementation, we welcome the secure, flexible ways that credit unions will be able to participate in the RTR, so that very soon everyone who banks with a credit union or caisse populaire will experience faster, smarter and more flexible payments.” - Jeff Guthrie, Chief Executive Officer, Canadian Credit Union Association

“Congratulations to Payments Canada on launching the Real-Time Rail. This is a milestone for small businesses, consumers and the innovators building Canada’s next generation of financial services. We look forward to seeing fintechs and financial institutions connect, bring more payments onto the rail and build services that give Canadians and businesses more choice.” - Adriana Vega, Executive Director, Fintechs Canada

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