Payments Canada published a quarterly update on the Real-Time Rail (RTR) program, reporting that the technical build is 60% complete and remains on track to finish in Q3 2025, with a comprehensive internal technical testing phase set to follow. The build covers the real-time clearing and settlement application, replatforming the real-time exchange onto common infrastructure with the clearing and settlement system, technical preparations for conversion, and the foundational fraud build. Centralized fraud services are also 60% complete and include a fraud transaction score, a fraud reporting and intelligence platform, a risk list for accounts with prior fraud reports, and a confirmation of payee capability designed to complement participants’ existing controls. Testing will span system integration, security, operational readiness, user acceptance and performance of the foundational fraud utility, while an industry impact assessment and joint workshops are mapping member-by-member technical and operational changes and onboarding needs; outputs will feed into a deployment strategy dependent on impact assessment findings, participant readiness and test results. The update also reports progress on a framework for how participants can connect to and use the RTR, including options to connect directly to the RTR exchange, connect through a connection service provider, or leverage a third-party exchange. For settlement, participants can use their own Bank of Canada settlement account and participate as direct clearers, or clear and settle indirectly through a settlement agent, alongside expanded Payments Canada membership eligibility following amendments to the Canadian Payments Act and the introduction of the Retail Payment Activities Act.
Payments Canada 2025-04-24
Payments Canada says Real-Time Rail build is 60% complete and moves into internal testing ahead of Q3 2025 completion
Payments Canada reported the Real-Time Rail (RTR) program's technical build is 60% complete and on track for Q3 2025 completion, with internal testing to follow. The update highlights progress on centralized fraud services and a framework for participant connection and settlement options, including direct and indirect clearing through the Bank of Canada. Expanded membership eligibility follows amendments to the Canadian Payments Act and the introduction of the Retail Payment Activities Act.