Personal Finance

Payments Canada selects Interac Corp. as the exchange solution provider for Canada's new real-time payments system

  • Last Updated:
  • Mar 4th, 2021 10:52 am
Deal Addict
Jan 29, 2017
3872 posts
2505 upvotes

Payments Canada selects Interac Corp. as the exchange solution provider for Canada's new real-time payments system

OTTAWA, ON, March 2, 2021 /CNW/ - Payments Canada announced today the selection of Interac Corp. as the exchange solution provider for Canada's real-time payments system, the Real-Time Rail (RTR). This announcement follows a selection process that included participation from the Bank of Canada.

The exchange solution provided by Interac will allow Payments Canada members participating in the RTR to send and receive RTR payment messages. The partnership will leverage Interac's existing infrastructure in Canada's payment ecosystem and its existing connectivity to nearly 300 financial institutions. To enable the settlement of RTR payments in real-time, the exchange solution will interface with the clearing and settlement solution being provided by Mastercard's Vocalink.

"Interac is a well-suited partner to support the launch and ongoing operations of Canada's new real-time payments system. They have made significant investments in infrastructure and services and, with connectivity to almost 300 financial institutions in Canada, will be able to support the rapid adoption of real-time payments in Canada," said Tracey Black, President and CEO of Payments Canada. "The Real-Time Rail will be the foundation for faster, data-rich payments and act as a platform for innovation. Participants in the payment system will be able to connect and develop new and exciting ways for Canadians to pay for goods and services, transfer money and better compete nationally and internationally."

Operated by Payments Canada and regulated by the Bank of Canada, the RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. Leveraging the ISO 20022 data standard, the system will support payment information travelling with every payment. The RTR is expected to launch in 2022.
https://www.newswire.ca/news-releases/p ... 14043.html

Long overdue but we know how Financial sector, especially in Canada, is late to embrace technology. Should make bill payments instantaneous instead of waiting up to 2-3 business days. Wonder if regular bank transfers will be within scope and better than current interact eTransfer - instantaneous and higher transfer limits.

Scammers rejoice as well.
1 reply
Deal Addict
Jan 2, 2015
1633 posts
639 upvotes
Toronto, ON
Payments Canada will launch a new high-value payment system, Lynx, in 2021 and a real-time payment system, the Real-Time Rail (RTR), in 2022.
So next year. I wonder which banks will get on that right away. I also imagine businesses will abandon cheques if you can input enough information and store PDFs (or something) somewhere for recordkeeping.

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