Payments Canada published an overview of the Government of Canada’s Budget 2025, highlighting federal priorities to modernise payments across safety, access and speed, alongside planned measures affecting banks, payment service providers and emerging digital payment instruments. The update points to the Bank of Canada’s supervision of payment service providers since September 2025 under the Retail Payments Activities Act, and Payments Canada’s expanded membership eligibility since September 25, 2025 allowing eligible new firms to apply for direct access to core payment systems. It also cites the forthcoming Real-Time Rail (RTR) to enable instant, 24/7/365 money transfers; Budget 2025’s consumer-driven banking (open banking) work, including payment initiation capability by mid-2027; a new federal framework to regulate fiat-backed stablecoins; and planned requirements for banks to disclose pricing and costs for cross-border transfers and to investigate and attempt to resolve misdirected payments. Payments Canada said the RTR will launch following robust and successful testing and indicated it will support the government’s development and implementation of the initiatives, including stablecoin legislation and regulation.
Payments Canada 2025-11-04
Payments Canada welcomes Budget 2025 payments agenda supporting Real-Time Rail, open banking and fiat-backed stablecoin regulation
Payments Canada outlined the Government of Canada's Budget 2025 priorities, focusing on modernizing payments in safety, access, and speed. Key developments include the Bank of Canada's supervision of payment service providers under the Retail Payments Activities Act, expanded Payments Canada membership eligibility, and the forthcoming Real-Time Rail for instant transfers. The budget also addresses open banking, stablecoin regulation, and transparency in cross-border transfer fees.