OTTAWA | April 4, 2022 - Payments Canada today announced the selection of Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, as the integration lead for Canada’s real-time payment system, the Real-Time Rail (RTR). TCS will help plan and orchestrate activities with industry stakeholders relating to the integration of the components of the RTR and the deployment of the new system.
“With three decades of experience in delivering market infrastructure solutions, TCS will be a valuable partner in the delivery of the Real-Time Rail,” said John Cowan, Chief Technology & Operations Officer of Payments Canada. “Testing and deployment is a critical step in the introduction of the new real-time payment system and we’re excited to work with TCS to execute on this next step for the RTR as we help shape the future of payments in Canada.”
The partnership will leverage TCS's knowledge of the Canadian payment industry and experience with large payment initiatives. TCS will work with Interac, the RTR’s exchange provider, and Mastercard’s Vocalink, the clearing and settlement solution provider, to ensure a successful delivery.
“We are excited to partner with Payments Canada to enable individuals and businesses with newer products and services through a contemporary payments capability,” said Manmeet Chhabra, Business Unit Head for Financial Services of TCS in Canada. “This reinforces our commitment to the Canadian market to bring our global expertise in diverse critical national infrastructure; propelling Canada in the journey of payments transformation and innovation.”
Operated by Payments Canada and regulated by the Bank of Canada, the RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. Leveraging the ISO 20022 global financial message standard, the system will support payment information traveling with every payment. The RTR is expected to launch in mid-2023.
The RTR is a fundamental part of Payments Canada's multi-year industry program to modernize the infrastructure, rules and standards that underpin payments in Canada. Learn more about the Real-Time Rail.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 556,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.
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About Payments Canada
Payments Canada is a public purpose organization that owns and operates Canada’s payment systems, Lynx and the Automated Clearing Settlement System (ACSS). Payments Canada is responsible for the physical infrastructure and the associated by-laws, rules, and standards that support these systems. It also has a duty to promote the efficiency, safety, and soundness of Canada’s payment systems while taking into account the interests of end users. In 2021, Payments Canada’s systems cleared and settled over $135 trillion—more than $539 billion every business day. Transactions that pass through these systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques initiated and received by Canadians and Canadian businesses. Payments Canada is working closely with the payment ecosystem to modernize Canada’s payment systems to ensure Canada and Canadian businesses remain globally competitive.
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