Payments Canada reported that the technical build of the Real-Time Rail (RTR) clearing and settlement component surpassed 50% completion in early February, with the replatforming of the real-time exchange also over halfway. The programme remains on track to complete all RTR system components and move to testing later this year. The clearing and settlement component will move funds between financial institutions for each payment processed by the real-time exchange or a third-party exchange, enabling instant fund transfers. Alongside the real-time exchange, it will be supported by centralized fraud services covering all transactions from any exchange that flow through the new clearing and settlement component, as well as by-laws, rules and standards intended to ensure the system’s safety and soundness. Once the clearing and settlement build is complete and integrated with the exchange component and centralized fraud services, RTR will enter a multi-stage testing phase. Launch is expected only after fully integrated testing is completed internally and with industry.
Payments Canada 2025-03-26
Payments Canada says Real-Time Rail clearing and settlement build passes 50% completion
Payments Canada announced that the Real-Time Rail (RTR) clearing and settlement component has surpassed 50% completion, with the real-time exchange replatforming also over halfway. The RTR system will enable instant fund transfers between financial institutions and include centralized fraud services. The program is on track for testing later this year, with a launch expected post-completion of integrated testing.