[Perspectives](https://www.payments.ca/insights/news-research?field_article_type=26) # A new source of strength for Canada’s economy: Canada's Real-Time Rail is now live November 9, 2026 Image ![Headshot Susan Hawkins](/sites/default/files/styles/cke_media_resize_medium/public/2025-05/SusanHawkins_DSC0516_web.png?itok=s-_eL9OS) ## Susan E. Hawkins **President and CEO** [Susan E. Hawkins](https://www.payments.ca/board-directors-leadership-team/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. Image ![Headshot of Kevan Cowan](/sites/default/files/styles/cke_media_resize_medium/public/2026-10/KevanCowan_headshot_whitebackgorund.jpg?itok=3rL552JQ) ## Kevan Cowan **Board Chair** [Kevan Cowan](https://www.payments.ca/board-directors/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)](https://www.payments.ca/canada-launches-real-time-rail-bringing-247-payment-infrastructure-national-economy), 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](https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system) 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](https://cdhowe.org/publication/the-further-dynamic-gains-from-the-rtr/) 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](https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system/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](https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system) [Return to newsroom](https://www.payments.ca/insights/news-research) ## Keep reading [ ![A shot from behind an audience of a Stephanie speaking at a dark podium, with a bright blue vertical banner behind.](/sites/default/files/styles/article/public/2026-10/Stephanie%20Zee_Economic%20Club%20of%20Canada.png?h=df51affa&itok=RBqg9EWG) Perspectives October 26, 2026 ### Speech: Remarks from the Economic Club of Canada's panel, 'Canada... This speech was originally delivered at Economic Club of Canada on October 20, 2026. Minor changes to the following remarks may have occurred during delivery. AUTHOR Stephanie Zee Chief Product... ](https://www.payments.ca/speech-remarks-economic-club-canadas-panel-canadas-insurance-ceos-leading-through-risk-resilience)[Learn more](https://www.payments.ca/speech-remarks-economic-club-canadas-panel-canadas-insurance-ceos-leading-through-risk-resilience) [ ![Twilight city skyline with glowing, multicolored light trails weaving through skyscrapers and streets.](/sites/default/files/styles/article/public/2026-10/City%20sparked%20with%20payment%20lights.png?h=df51affa&itok=5CdchEad) Perspectives October 21, 2026 ### National critical payment infrastructure: Canada’s economic... Canada’s Real-Time Rail means billions of dollars in GDP gains and a new era of opportunity. This article was originally published in The Hill Times on October 21, 2026. Author Donna Kinoshita Chief... ](https://www.payments.ca/national-critical-payment-infrastructure-canadas-economic-backbone)[Learn more](https://www.payments.ca/national-critical-payment-infrastructure-canadas-economic-backbone) [ ![Food delivery worker handing off a delivery to a customer.](/sites/default/files/styles/article/public/2026-10/CPMT2026_GigWorker.png?h=6ccfc60b&itok=4TCz3ohW) Perspectives October 15, 2026 ### Where the rubber hits the road: Real-world uses cases of real... This article was originally published in the 2026 Canadian Payment Methods and Trends (CPMT) Report . Authors Stephen Yun Senior Analyst, Product and Market Research, Payments Canada Stephen Yun is a... ](https://www.payments.ca/where-rubber-hits-road-real-world-uses-cases-real-time-payments)[Learn more](https://www.payments.ca/where-rubber-hits-road-real-world-uses-cases-real-time-payments)