Payments Canada welcomes joint Canada–EU commitment to interlink real-time payment systems

Payments Canada welcomes the joint commitment from the European Union and the Government of Canada to advance work in support of connecting Canada’s Real-Time Rail (RTR) with Europe’s instant payment systems. The joint agreement commits to “support work toward connecting instant payment systems to facilitate faster, lower-cost and more seamless cross-border transactions, making it easier for Canadians and Europeans to conduct business, invest and transfer funds across the two economies.”  

Working alongside our members, regulators and partners, Payments Canada will soon launch the country’s real-time payment system, the Real-Time Rail. Serving as a high-speed, information-rich digital highway, this generational, critical national infrastructure is made in Canada, for Canada and will enable individuals and businesses to safely send and receive data-rich payments instantly, 24/7/365. Real-time payments will offer a new level of trusted choice and convenience to everyday life, driving economic and social benefits across the country.

The RTR has been built to international standards, making it internationally extensible. Designed and purpose-built leveraging the global ISO 20022 financial messaging standard, which is an essential feature to support interlinking with instant payment systems in other markets. Payments Canada stands ready to engage with the Canadian government, the Bank of Canada and the European Central Bank (ECB) to begin the important work of turning this shared vision into a reality for Canada.