Published: September 11, 2020
As a step forward to introducing Canada’s new real-time payments system, the Real-Time Rail (RTR) in 2022, Payments Canada is seeking feedback on policy proposals, outlined in the following Canada’s New Real-Time Payments System Policy Framework consultation paper.
Introducing the RTR answers the need - as identified in the Vision for the Canadian Payments Ecosystem - for a robust, always-on payments option that allows funds to be immediately available to recipients. Establishing a sound legal framework made up of by-laws, rules and standards governing participation in and the operation of the new system is foundational to its introduction.
Help inform Payments Canada’s Modernization efforts and the policies that will form the foundation of a real-time payments system. Share comments and feedback on the policy proposals by emailing firstname.lastname@example.org. The deadline for consultation feedback is October 30, 2020.
For an additional understanding of the benefits of real-time payments and RTR use cases, visit: modernization.payments.ca/the-plan/real-time-rail.