Canada launches real-time rail with 8 partners, no major banks

Payments Canada has launched Canada's Real-Time Rail, a new system that enables participating providers to clear and settle payments in real time.

The rollout creates a national payments platform that operates around the clock, allowing financial institutions, credit unions and payment service providers to exchange payments for customers at any time. The service uses existing banking and payments channels and supports richer transaction messaging through the ISO 20022 standard, Payments Canada said.

The first group of active participants includes Wealthsimple, Questbank, Peoples Trust Company, Paramount Commerce, KOHO, DoBusiness.com, Digital Commerce Bank and Bank of America. More participants, including Canada's major financial institutions, are expected to join in phases, with access projected to reach more than nine in 10 Canadians within the first year. The Bank of Canada will oversee the system.

Several initial participants said the system would change how money moves for households and businesses. Wealthsimple, one of the fastest-growing financial institutions in the country, just launched a slew of product feature updates, including Interac e-transfers of up to CAD $100,000 to other Wealthsimple clients.

Payments Canada owns and operates the RTR system, with CGI, Deloitte Canada, IBM Canada, and Interac involved in building and operating the platform. Interac is acting as Technical Operator and Fraud Services Provider.

Officials described the launch as a major step in overhauling Canada's core financial market infrastructure. The system is intended to improve cash-flow visibility for businesses and consumers while reducing the time funds remain unavailable to recipients.

"A stronger, more productive economy relies on modern financial infrastructure that can match our ambition," said the Honourable François-Philippe Champagne, Minister of Finance and National Revenue. "The launch of Canada's Real-Time Rail lays the foundation for a more dynamic and competitive digital economy, driving innovation, expanding choice and creating new opportunities for Canadians while positioning our country for long-term growth."

Payment security is also top of mind, with cyber threats hitting the country. According to the Canadian Anti-Fraud Centre, Canadians reported losing more than CAD $704 million to fraud in 2025. This was over a fourfold increase since 2020, which sat at CAD $165 million.

The fraud framework includes confirmation of payee for consumer accounts at launch, a fraud transaction safety score, a risk list containing fraud indicators, and a fraud reporting and intelligence platform. The controls are intended to create a coordinated layer of protection across the network, although Payments Canada acknowledged that no payment system is entirely free of risk.

Payments Canada pointed to external estimates suggesting the system could have a broad economic effect. It cited C.D. Howe Institute projections that the Real-Time Rail could generate up to CAD $14.5 billion in cost savings over the next decade through lower processing costs, reduced use of cash and cheques, and lower float.

The same research estimated wider economic gains of CAD $16 billion, rising to CAD $27 billion as additional functions are introduced. Payments Canada also cited its own research showing that 60 per cent of Canadian businesses are ready to adopt real-time payments to help address routine issues such as cash-flow forecasting and delays in sending and receiving funds. More than half of consumers surveyed, or 52 per cent, said they were interested in using real-time payments.

Susan E. Hawkins, President and CEO of Payments Canada, described the launch as a structural change for the country's payments market.

"The launch of Canada's Real-Time Rail marks the beginning of a new era for payments in our country," Hawkins said. "As a national asset designed specifically for our country, the RTR gives the payment ecosystem a modern foundation to build on. By collectively leveraging this rail, our ecosystem will unleash its full potential, enabling our members to build capabilities that drive innovation, resilience and growth for businesses and consumers across the nation."