Published: February 23, 2022
ISO 20022 messages for the Real-Time Rail (RTR), Canada’s new real-time payment system coming in 2023, are now available on Payments Canada’s ISO 20022 Resource Centre.
These specifications will allow RTR participants to prepare their existing applications to leverage the value of the ISO 20022 messaging standard at RTR go-live.
Vendors that support Canada’s payments ecosystem can use the published messages to update their applications and develop new services for RTR participants and the wider ecosystem. ISO 20022 messaging will allow for access to enhanced remittance data, support for global interoperability, and improved transparency in payment details.
Launching in 2023, the RTR will support faster payments 24/7/365 that are irrevocable, and use the ISO 20022 financial messaging standard for all transactions. The RTR will also act as a platform for innovation, allowing for the development of new products and services by third-party providers that will give Canadians new and faster ways to pay and transfer money.