A new source of strength for Canada’s economy: Canada's Real-Time Rail is now live
Susan E. Hawkins
President and CEO
Susan E. Hawkins is the President and CEO of Payments Canada, leading the organization's next phase of development to meet the evolving payment needs of Canadians. Under her leadership, Payments Canada is focused on modern payment technology solutions that are safer, smarter and more accessible for Canada. Susan brings more than 25 years of digital and payment innovation, product development and business leadership experience.
Kevan Cowan
Board Chair
Kevan Cowan is a seasoned financial services industry executive with extensive experience in capital markets operational, strategic, regulatory and policy matters, having been a key participant in the transformative changes occurring in Canadian capital markets over the past 30 years.
Thank you for making it possible.
Today marks a historic milestone for Canada’s financial ecosystem: the launch of Canada’s Real-Time Rail (RTR), our country’s 24/7/365 national sovereign payment infrastructure.
From the dawn of commerce, commercial transactions have depended on payment methods, historically known as “rails”, to complete the transfer of money. Money transfers can and do take time, sometimes even days. With the launch of Canada’s Real-Time Rail, the vision of real-time payments has become a reality.
Designed and built in Canada, for Canada, the RTR fundamentally transforms how money moves, connecting participating financial institutions, credit unions and payment service providers so payments can clear and settle in seconds – anytime, day or night, every day of the year.
This is a start line, not a finish line. How well we collectively leverage the rail will determine its full potential for Canada. Payments Canada members can now build upon this foundation to bring to market capabilities that will help businesses and consumers across Canada. In the future, workers could receive wages instantly, businesses could settle supplier invoices on demand and families could access government benefits the moment they’re issued. Estimates done by the C.D. Howe Institute show that the speed, data richness and safety capabilities of the rail hold the potential to help drive a meaningful increase in Canadian productivity and unlock up to $27 billion in long-term economic gains.
Beyond these direct benefits, the RTR holds the potential to strengthen Canada’s economic sovereign autonomy, support its global competitiveness and connect us directly with markets around the world.
Safety has been a critical priority in the solution design of the RTR. Canada’s RTR launches with centralized fraud mitigation services, operational from day one, making Canada the first G7 country to deploy a real-time payment system with mandatory centralized fraud services at launch. Working in tandem with our participants' existing security tools, the platform establishes a multi-layered defence to help mitigate fraud risk across the network.
Through a deliberately sequenced rollout, the RTR is targeted to serve over nine in 10 Canadian bank accounts by Q3 2027, serving people living, working and doing business across Canada.
Bringing critical national infrastructure from vision to reality is a shared achievement of many organizations and individuals. To our “Team Canada” – delivery partners, regulators, launch participants, member institutions and our employees: Thank you. Your collaboration, expertise and commitment helped bring this once-in-a-generation national asset to fruition.
We also extend our thanks to the broader financial community for standing with us to build – and continue to build upon – a more innovative, competitive and resilient Canadian payment ecosystem.
The launch of Canada’s Real-Time Rail is just the beginning. Together, we are paving the way for a new era of payment innovation, growth and opportunity for Canada.
Delivery partners
IBM
Interac Corp.
CGI
Deloitte Canada
Key member program contributors
Major banks, financial institutions and payment service providers:
ATB Financial
Bank of America
BMO
Brim Financial
CIBC
Citibank Canada
Digital Commerce Bank
DoBusiness.com
ICICI Bank Canada
JPMorgan Chase Bank
KOHO
National Bank of Canada
Paramount Commerce
Peoples Bank of Canada
Peoples Trust Company
President's Choice Bank
Questbank
Royal Bank of Canada
Scotiabank
Shakepay
Tangerine Bank
TD Bank
Wealthsimple
Credit union systems and regionals:
Central 1 Credit Union
Coast Capital Savings
Credit Union Central Alberta (CUCA)
Credit Union Central of Manitoba (CUCM)
Credit Union Central of Saskatchewan (CUCS)
Fédération des caisses Desjardins du Québec
Meridian Credit Union
Industry association collaboration
Canadian Bankers Association (CBA)
Canadian Credit Union Association (CCUA)
Fintechs Canada
Government regulators
Bank of Canada
Department of Finance
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue
Payments Canada
Payments Canada Board of Directors
Member Advisory Council
Stakeholder Advisory Council
RTR Delivery Team
RTR Operational Committee
RTR Working and User Groups
Learn more about the Real-Time Rail that is powering the future of Canadian payments
