Payments Canada submitted its pre-budget consultation response to the federal government, setting out recommendations it says would modernize Canada’s payment infrastructure and support Budget 2025 priorities around competition and economic growth. The submission highlights the scale of Payments Canada’s systems, noting they cleared and settled over CAD 107 trillion in 2024. It asks the government to continue supporting delivery of the Real-Time Rail (RTR), for which the technical build has been completed and testing is underway through 2026, and to work with Payments Canada on legislative, policy and regulatory initiatives to drive awareness and adoption, including transitioning government payments to the RTR. Payments Canada also calls for implementation of recent amendments to the Canadian Payments Act and approval of consequential by-law amendments to broaden access to Payments Canada systems for payment service providers, credit union locals and clearing houses, and for continued support of enhancements to the Automated Clearing Settlement System aligned with global risk management practices based on the Bank of Canada’s direction.
Payments Canada 2025-10-06
Payments Canada calls on federal government to champion Real-Time Rail rollout and broaden access to national clearing systems
Payments Canada submitted its pre-budget consultation response, recommending modernization of Canada's payment infrastructure for Budget 2025. It urges government support for the Real-Time Rail (RTR) system, legislative initiatives to enhance awareness and adoption, and implementation of amendments to the Canadian Payments Act. Payments Canada also seeks approval for by-law amendments to broaden system access and support enhancements to the Automated Clearing Settlement System.