Payments Canada has published the outcome of its public consultation on the proposed legal framework for the forthcoming Real-Time Rail (RTR), reporting strong engagement and broad support for the system and its core objectives. Feedback collected between May 20 and July 2, 2025 is being used to refine the draft RTR By-law, rules and related policy elements, and to inform participant onboarding. Submissions from current and prospective members and other stakeholders generally backed risk-based access to RTR and key safety features such as financial risk measures and four centralized fraud services: Confirmation of Payee, Central Risk List, Central Fraud Analytics and Central Fraud Reporting. Respondents sought clearer expectations on fraud reporting, enforcement and recourse, and more operational detail for Confirmation of Payee, including response times, minimum matching and accountability. Payments Canada also reiterated that RTR payments settle immediately on a final and irrevocable basis, while the draft rules provide limited retail exceptions through optional return transactions initiated by the receiving participant in cases such as fraud or errors, aligned with approaches used in The Clearing House’s RTP network and FedNow. Other feedback focused on clarifying tiered access and third-party roles, compliance and reporting expectations (noting alignment with Lynx and the Automated Clearing Settlement System), and operational feasibility of the “no longer than five minutes” incident notification requirement, which Payments Canada maintained as necessary to limit impacts on other participants. On claims and complaint handling, Payments Canada signalled concrete rule amendments to distinguish an “External Complaints Body” under federal legislation from a “Complaints Body” for RTR participation, and to clarify that related requirements will not apply to participants that do not interact with consumers or small businesses. Payments Canada indicated it will continue working with members, the ecosystem and regulators to address remaining feedback ahead of RTR launch.
Payments Canada 2025-09-05
Payments Canada consultation confirms support for Real-Time Rail legal framework and drives targeted rule refinements
Payments Canada released the results of its public consultation on the Real-Time Rail (RTR) legal framework, showing strong support for the system and its objectives. Feedback is being used to refine the RTR By-law, rules, and policy elements, with a focus on risk-based access, safety features, and fraud services. Payments Canada plans further collaboration with stakeholders to address feedback before the RTR launch.