Payments Canada published its 2025 Q3 quarterly update on the Real-Time Rail (RTR), reporting that the program’s technical build is expected to finish in the coming weeks and transition into a comprehensive testing phase, in line with its target to complete the build in Q3 2025. The build covers completion of the real-time clearing and settlement component, replatforming of the real-time exchange and development of centralized fraud services. Validation work has already included early performance testing and system integration testing of the exchange and clearing and settlement components, with end-to-end scenarios aimed at ensuring payments can complete at scale within seconds. Additional testing phases planned for the fall include operational readiness testing, user acceptance testing, integrated performance testing, industry solution assurance involving participants, the Bank of Canada and Payments Canada, and security testing and certification against safety and soundness requirements. In parallel, work continues on the RTR by-law and rules following a public education series and consultation on the legal framework, with a feedback summary to be published on payments.ca in the coming weeks. Payments Canada is also preparing new potential participants for entry, noting that amendments to the Canadian Payments Act and the regulation of payment service providers under the Retail Payments Activities Act are expected to expand eligibility and participation to PSPs, credit union locals and certain clearing houses ahead of the system going live.

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