The Real-Time Rail Quarterly Update with Jude Pinto: 2025 Q4
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.
Testing of the RTR began after successful completion of the technical application build in Q3 of 2025. As discussed in my last update, Payments Canada, our delivery partners and members are focused on comprehensive testing to ensure the system meets all safety and security requirements before launch. We are confident in the testing path, which is progressing according to plan and paving the way for a reliable system.
Thank you to everyone who participated in Payments Canada’s public consultation on the RTR's legal framework. Consultation responses reconfirmed strong industry support for the RTR and have been summarized into a report.
A key accomplishment in Q3 was the publication of The Real-Time Rail Participation Guide for Payment Service Providers. The guide is an invaluable resource for payment service providers (PSPs), who are now supervised under the Bank of Canada's Retail Payments Activities Act (RPAA) and eligible for Payments Canada membership as a result of amendments to the Canadian Payments Act. This marks a significant step forward in advancing payment regulation and is the result of years of industry collaboration. More participants on the system is beneficial for everyone, and we welcome new Payments Canada members. PSPs are invited to visit our website or contact us at info@payments.ca for more information.
Looking forward to the upcoming quarter, Payments Canada and our delivery partners are focused on testing. System integration testing of the technical components is currently underway and on track to complete by year end. Testing continues into 2026 with industry-facing testing. This includes user acceptance testing for key user functionality, performance testing for volumes and resilience, security testing for safety and protection and operational readiness testing for business and technical operations.
We’re currently creating comprehensive training modules for participants on the full solution functionality of the RTR. This work will ensure participants can use this new national infrastructure to its full potential.
In tandem, we are finalizing the RTR rules, which will be submitted to the Bank of Canada before year end. The 14 Rules form part of our legal framework and each govern a specific aspect of the system to support its safe and secure operation. For example, Rule 4 outlines the requirements for participant access, Rule 7 covers funds availability, exceptions and returns and Rule 13 covers fraud management. This submission sets us up for final approval of the rules in the new year.
The possibilities the RTR will unlock for our members and their customers are endless. New and existing participants will drive volume and new use cases on the RTR, filling market gaps effectively and spurring on new economic activity. Through the RTR use cases seen around the world like real-time rent payments, instant earned wage access and immediate me-to-me payments will improve the lives of Canadians and the efficiency of Canadian businesses.
2025 has been a year of accomplishments for our team, our delivery partners, our regulators, our members and our stakeholders. The collaborative approach we’ve brought to the RTR will continue to be paramount in 2026 as we progress towards delivering real-time payments to Canada and transform how Canadians move money.
