Accessing the Real-Time Rail
Payments Canada is committed to fostering greater inclusivity, competition and innovation in Canada’s evolving payment landscape. All member participants providing real-time payment services will need to meet specific requirements related to safety, soundness and end-user experience such as:
- Funds availability: Funds must be made available to customer accounts within 60 seconds
- Recourse, errors and exceptions handling: Appropriate dispute resolution, and exceptions handling processes and procedures must be in place
- Fraud management: Necessary fraud management tools, procedures and fraud reporting mechanisms must be in place
- Responsibility for service providers: Any participant that enters into an agreement with a service provider for the performance of an activity or function complies with the Real-Time Rail By-law and rules
- Incident notification: Responsible for notifying of any operational incidents affecting the entities’ ability to send and receive payments
Visit our membership page to learn more about Payments Canada membership, system participation and expanding membership eligibility.
The RTR Participation Guide for PSPs
Download The Real-Time Rail Participation Guide for Payment Service Providers to learn more about the competitive advantage the Real-Time Rail offers.
The Real-Time Rail: Access and Participation
Learn about the eligibility requirements of the Real-Time Rail, upcoming changes to the Canadian Payments Act and future membership eligibility.
Access policy
Read the Bank of Canada settlement account access policy for the Real-Time Rail to learn more about the requirements that the applicant must meet for the Bank of Canada to consider granting a settlement account for the Real-Time Rail.
Real-Time Rail participation
Participants can connect to the RTR using the option(s) most suitable for their business objectives and customers' needs.
To exchange payment messages, a participant can establish their own direct-to-exchange connection to the RTR, or use the services of a connection service provider. A connection service provider could be a participant offering connectivity services or a third-party entity.
To clear and settle payments, a participant can directly settle their own payments as a direct settlement participant. A direct settlement participant can also act as a settlement agent and settle payments for indirect settlement participants. An indirect settlement participant is an RTR participant who uses the services of a direct settlement participant who is an settlement agent to clear and settle their payments.
Payments Canada members that are eligible for Real-Time Rail participation but choose to leverage the services of a Real-Time Rail participant to indirectly settle payments in the Real-Time Rail must make arrangements with Real-Time Rail participants and are considered a member non-participant within the Real-Time Rail framework.