Payments Canada has published its 2024 Annual Report, Payments for Canadians, summarising performance across its clearing and settlement systems and key modernisation and policy developments, including record transaction values, continued work on the Real-Time Rail (RTR), and operational and rules changes affecting core systems. In 2024, Payments Canada’s systems processed and settled 107 trillion in payments, averaging more than 424 billion every business day. The report points to significant technical progress on the RTR, intended to clear and settle payments between financial institutions in real time on a 24/7/365 basis. It also notes a public consultation on refining bill payment processing within the Automated Clearing Settlement System (ACSS), with proposed amendments aimed at improving efficiency, user experience and alignment of industry practices, alongside resilience-focused amendments to both ACSS and the Lynx high-value payment system. The annual report also highlights that changes to the Canadian Payments Act have received Royal Assent and will, once in force on a date set by the Governor in Council, expand Payments Canada membership eligibility to include payment service providers as defined in the Retail Payment Activities Act that perform retail payment activities, credit union locals that are members of a central, and clearing houses of designated clearing and settlement systems.

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