Canada’s payment landscape is undergoing a transformative shift, driven by technological innovation as well as collaborative efforts across the financial ecosystem.
Two significant developments highlight this evolution: the ongoing progress of the Real-Time Rail (RTR) payment system and the vibrant discussions at the 2025 Payments Canada SUMMIT.
These initiatives underscore Canada’s commitment to modernizing its payment infrastructure to meet the demands of a digital economy.
The Real-Time Rail (RTR), a cornerstone of Canada’s payment modernization, is advancing steadily toward its anticipated completion in the third quarter of 2025.
According to Jude Pinto, Chief Delivery Officer at Payments Canada, the technical build of the RTR has reached 60% completion across all fronts, aligning with the planned timeline.
This project, first announced in 2016, aims to enable Canadians to send and receive irrevocable, data-rich payments in real time, 24/7, 365 days a year.
The RTR’s technical build encompasses four key components: the real-time clearing and settlement application, the re-platforming of the real-time exchange to a unified infrastructure, technical preparations for system conversion, and a foundational fraud mitigation system.
The fraud solution, also 60% complete, is designed to integrate with financial institutions’ existing controls, enhancing security as real-time payments introduce new challenges like rapid fraud detection.
Payments Canada is collaborating closely with regulators and industry partners to ensure the system’s safety and reliability, prioritizing robust testing phases post-build.
As the project transitions toward comprehensive internal testing in Q3 2025, Payments Canada is engaging with member participants through workshops and impact assessments to prepare for industry-wide integration.
This “made for Canada” approach draws on global insights from systems like India’s UPI and Brazil’s Pix, tailoring solutions to Canada’s unique needs.
The RTR’s adoption of the ISO 20022 standard further aligns it with international payment systems, promising seamless cross-border transactions and enhanced data capabilities.
From May 6 to 8, 2025, Toronto’s Automotive Building hosted the 2025 Payments Canada SUMMIT, Canada’s payment event, under the theme “Innovate. Collaborate. Transform.”
Over 1,900 delegates and 200 speakers convened to explore the future of payments, with discussions spanning generative artificial intelligence (GenAI), cybersecurity, faster payments, and consumer-driven finance.
The SUMMIT served as a platform for forging connections, sharing ideas, and driving actionable change in the payment ecosystem.
Day one of the SUMMIT featured sessions, including a discussion with Erica Nielsen, Group Head of Personal Banking at Royal Bank of Canada, who emphasized the evolving role of digital payments in enhancing customer experiences.
Jude Pinto led a strategic update on the RTR, joined by delivery partners from Interac, IBM, CGI, and Deloitte, highlighting critical milestones and the collaborative effort behind the project.
The RTR and the 2025 SUMMIT reflect Payments Canada’s mandate to foster efficiency, safety, and innovation in the national payment ecosystem.
With $424 billion in transactions cleared daily, Payments Canada’s systems—including Lynx, the Automated Clearing Settlement System (ACSS), and the forthcoming RTR—are pivotal to Canada’s economy.
The SUMMIT’s focus on collaboration and the RTR’s progress signal a future where real-time, secure, and data-rich payments empower individual Canadians consumers and businesses.
As the RTR nears completion and the SUMMIT sparks new ideas, Canada is poised to remain focused on global payment innovation, transforming ideas into action for a more connected and efficient financial ecosystem.