Payments Canada continues to make strides in modernizing Canada’s payment infrastructure, with progress on the Real-Time Rail (RTR) payment system and the appointment of new and returning members to its Member Advisory Council (MAC).
These developments underscore Payments Canada’s commitment to fostering tech development, security, and inclusivity in the national payment ecosystem.
In the Q3 2025 Real-Time Rail Quarterly Update, Jude Pinto, Chief Delivery Officer at Payments Canada, provided an overview of the RTR’s progress, emphasizing the efforts with delivery partners CGI, IBM, Interac, and Deloitte.
The RTR, a real-time payment system, is designed to enable Canadians to send and receive irrevocable, data-rich payments instantly, 24/7/365.
This system will facilitate real-time clearing and settlement between financial institutions, a capability not currently available in a single payment system in Canada.
The technical build of the RTR will finish in the coming weeks and move into the testing phase, as planned.
This phase includes the development of advanced hardware infrastructure, such as servers and networking equipment, and sophisticated software for real-time clearing and settlement.
Additionally, the centralized fraud services build, also set to be completed in the coming weeks, is a critical component, introducing new protections that complement existing fraud controls of member participants.
These include a fraud transaction score, a reporting and intelligence platform, a risk list for accounts with prior fraud reports, and a confirmation-of-payee capability to enhance security.
Payments Canada has made significant progress in preparing for the testing phase, which will follow the technical build.
This involves finalizing the test strategy, selecting tools, determining testing approaches, and identifying participants.
The organization is also conducting an industry impact assessment to understand the technical and operational changes required for member participants and to support onboarding for new members.
This comprehensive approach ensures the RTR’s safety, efficiency, and resilience, aligning with global best practices by incorporating insights from other jurisdictions’ real-time payment systems.
The RTR framework also offers flexible participation options.
Members can connect directly to the RTR exchange, use a connection service provider, or leverage a third-party exchange.
For settlement, participants can opt to use their own Bank of Canada settlement account as direct clearers or clear indirectly through a settlement agent.
These options, combined with ongoing engagement with regulators and industry stakeholders, reflect Payments Canada’s commitment to a “made for Canada” approach that prioritizes accessibility and technology advancements.
In parallel with RTR advancements, Payments Canada announced the appointment of one new and five returning member organizations to its Member Advisory Council (MAC), effective July 1, 2025.
The MAC, a 20-person council mandated by the Canadian Payments Act, plays a vital role in advising the Payments Canada Board of Directors on clearing and settlement systems, interactions with other payment systems, and the development of new technologies.
Representing the diversity of Payments Canada’s 108 members, which include the Bank of Canada, domestic and foreign banks, credit union centrals, and other financial institutions, the MAC ensures a broad range of perspectives shapes the future of payments.
The new MAC member organization, Shakepay, is represented by Eric Richmond, General Counsel and Head of Business Development.
Shakepay’s inclusion highlights the growing role of fintech in Canada’s payment landscape.
The five returning member organizations bring continued expertise in finance, tech developments, and global trade, ensuring continuity and depth in the council’s advisory capacity.
The annual MAC call for nominations will open in early 2026, inviting further participation from interested individuals.
These updates were a focal point at The 2025 Payments Canada SUMMIT, held from May 6 to 8, where over 2,000 delegates gathered to discuss the future of payments.
Jude Pinto and RTR delivery partners highlighted the system’s progress and its potential to transform Canada’s payment ecosystem.
Payments Canada’s advancements in the RTR and strategic appointments to the MAC demonstrate a forward-looking approach to building a secure, efficient, and inclusive payment system.
As the RTR nears completion and new members contribute fresh perspectives, Canada is poised to lead in real-time payment advancements, delivering value to consumers, businesses, and the digital economy.