Payments Canada has announced a further delay in the launch of its real-time payments system, Real-Time Rail (RTR), citing delivery delays unrelated to the exchange technology components. They will conduct a second review of the project’s risks and adjust program activities over the next three months. The RTR, aimed at modernizing Canada’s payments infrastructure, was initially expected to launch in 2022 but is now projected for a mid-2023 launch.
Facts
- Payments Canada delays the launch of its real-time payments system, Real-Time Rail (RTR).
- The delay is caused by delivery delays unrelated to the exchange technology components.
- Payments Canada will review risks associated with RTR delivery and adjust program activities over the next three months.
- Earlier this year, a third-party review confirmed that Payments Canada is well positioned to effectively lead the RTR program.
- The review recommended additional testing and investments to enhance ongoing operations once the RTR system goes live.
- The RTR is part of Canada’s multi-year payments infrastructure modernization, regulated by the Bank of Canada.
- Payments Canada is collaborating with vendors including Interac, Mastercard (and Vocalink), and Tata Consultancy Services (TCS) for the development and integration of RTR.
