Summary
This technical report outlines the current state and future direction of Real-Time Payments (RTP) in Canada, emphasizing the need for a national Real-Time Rail (RTR) infrastructure. It describes how RTP is transforming financial ecosystems globally and highlights Canada's preparation for this shift through the RTR initiative led by Payments Canada. The report details the existing capabilities of Canadian banks, particularly the widespread use of Interac e-Transfer, while identifying significant gaps that hinder the full realization of RTP benefits. It explains the limitations of current systems, including the lack of a comprehensive RTP ecosystem, insufficient data capabilities, and operational inefficiencies. The report also discusses the anticipated launch of RTR in Q3 2026, its integration with existing services, and the regulatory changes that will facilitate broader participation in the payments market. Furthermore, it presents a strategic framework for banks to adopt RTP securely and effectively, focusing on creating customer value, reducing operational friction, and enhancing risk management.
