The Real-Time Rail Quarterly Update with Jude Pinto: 2025 Q3

Jude Pinto, Chief Delivery Officer at Payments Canada, provides a quarterly update on the Real-Time Rail (RTR) sharing the program’s progress to date and future direction over the next three months.

The technical build of the RTR will finish in the coming weeks and the program will move into the testing phase, as planned, successfully meeting our target of finishing the build in Q3 of 2025. The build includes the completion of the real-time Clearing and Settlement component, the replatforming of the real-time Exchange and the build of the centralized fraud services.

This is a major accomplishment resulting from an effective collaboration between Payments Canada, our delivery partners, member participants, regulators and stakeholders. This is a milestone to celebrate and a testament to the great work we can accomplish together.

The celebration, however, will be short as we shift focus to the testing phase of the program, which is comprehensive, thorough and will continue until we have complete assurance that the system is ready for deployment.

Earlier this year we began validating the integration of the Exchange and the Clearing and Settlement components through early performance testing and system integration testing. We have been testing end-to-end scenarios and ensuring that initiated payments can successfully complete at scale in seconds.

In the fall, we will begin a number of additional testing phases, including:

• Operational readiness testing to test the infrastructure, the resiliency and the observability of the system
• User acceptance testing to validate end-to-end business scenarios and operations
• Integrated performance testing to ensure the system performs optimally under peak volume loads
• Industry solution assurance for participants, the Bank of Canada and Payments Canada to validate the RTR solution and supporting business processes
• Security testing and certification to ensure the RTR meets all safety and soundness requirements

As we enter the testing phase, we want to acknowledge that our member financial institutions have been integral to the RTR program from the start and remain deeply engaged. Their partnership and participation, along with our delivery partners and industry stakeholders, is vital to our collaborative approach as we shift focus from technical development to ensuring the success of testing.

In parallel to testing, we’ll continue advancing on the RTR by-law and rules. We recently concluded a very well attended public education series and consultation on the RTR’s legal framework to ensure the RTR’s safety, efficiency and resiliency. Thank you to all who submitted responses to the consultation. Feedback is being reviewed and a summary will be shared on payments.ca in the coming weeks.

Currently, Payments Canada is preparing new potential member participants for their participation on the RTR. Amendments to the Canadian Payments Act and the regulation of payment service providers (PSPs) under the Retail Payments Activities Act will open up membership eligibility and system participation to PSPs, credit union locals and certain clearing houses. We are already having meaningful conversations to prepare these new groups for the RTR well before the system goes live.

We want to ensure that new potential member participants understand the steps to membership, the requirements for participation, the technical and operational requirements to operate in a 24/7 payment environment and the many benefits of the RTR. For more information, PSPs, credit union locals and clearing houses in Canada can contact us by emailing info@payments.ca. More participants on the system are beneficial for everyone, and we welcome the opportunity to speak with new members.

Lastly, I want to thank the entire ecosystem for its continued support of this program. We know Canadian businesses and consumers need real-time payments and together with our delivery partners, members, stakeholders and regulators we are delivering a made-in-Canada, for Canada, system that will benefit us well into the future.