Part of a multi-year, multi-system payments modernisation initiative, RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. The system will also tap the ISO 20022 messaging standard to support payment information traveling with every payment.
Payments Canada is working with several vendors on the project, with Mastercard-owned Vocalink building the RTR clearing and settlement infrastructure, local debit network Interac acting as the exchange solution provider, and TCS onboard as integration lead.
On the delay, Payments Canada CEO Tracey Black says: “We recognise that there will be impacts for the payment ecosystem in Canada.”
Adds Black: “We are working closely with these groups [stakeholders] to replan and confirm a revised launch date, which we will share publicly once confirmed.”