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Canada's Real-Time Rail:
Real Time, Real Possibilities.

About the Real-Time Rail

The Real-Time Rail is Canada’s new real-time exchange and clearing and settlement payment system that supports instant, data-rich payments.

Real-time payments are transforming Canada’s economy, giving businesses and consumers more transparency and access to their payments any day, any time. The Real-Time Rail enables this transformation while ensuring transactions are safe and secure.

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  • 24/7/365 clearing and settlement
  • Data-rich ISO 20022 messaging
  • A platform for payment innovation

The RTR by the numbers:

$16 billion

generated in cumulative GDP gains over the next decade, according to recent research from the C.D. Howe Institute.

  • $27 billion generated in cumulative GDP gains over the next 20 years.
  • Over 9 in 10 Canadian bank accounts are targeted to be served by the RTR by Q3 2027.
  • 60% of businesses are ready to adopt real-time payments.
  • 52% of consumers are interested in real-time payments.

Understanding the Real-Time Rail

RTR icon About the Real-Time Rail
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Use case icon Use cases
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Collaboration icon Payment service provider participation
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Fraud icon Fraud services
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Testing icon Testing and launch
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FAQ icon Frequently asked questions
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Guides icon Technology & innovation
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Check box icon Access
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Policy icon Public policies
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A Team Canada effort

Bringing critical national infrastructure from vision to reality is a shared achievement of many organizations and individuals. To our delivery partners, regulators, launch participants, member institutions, employees and the broader financial ecosystem: thank you.


Read the full acknowledgements

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Small business owner making payments

Real time, real possibilities: 60 per cent of Canadian businesses ready to adopt real-time payments

Recent Payments Canada research shows that business owners demonstrate strong intent to integrate real-time payments into their operations, with three in five businesses surveyed saying they would use...

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Person paying on the go with a wearable

Financial flexibility: The power and potential of real-time payments for Canadian consumers

Research shows appeal and readiness for real-time payments across demographics and payment scenarios. As the launch of Canada's Real-Time Rail (RTR) approaches in Q4 2026, Payments Canada research...

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Podcast recording equipment

Episode 45: Takin’ care of business (every working hour) — The RTR reality

Canada is flipping the switch on 24/7 banking, but the real challenge isn’t the tech; it’s the strategy. When the "9-to-5" window closes for good, how does your institution stay ahead? In this episode...

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Critical milestone achieved: By-law and rules approved for Canada’s Real-Time Rail

Establishing a core legal framework to support a safe, efficient and resilient real-time payment system. Both the RTR By-law and the RTR Rules have received all necessary approvals and will officially...

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Canada's Parliament building

Canada’s Real-Time Rail recognized as a powerful engine for national productivity and growth

Payments Canada welcomes the 2026 Spring Economic Update (SEU), Canada Strong For All, and the Government of Canada’s continued commitment to the future of Canada’s Real-Time Rail (RTR). The Update...

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Jude Pinto speaking in the Q2 update video

Canada’s Real-Time Rail Quarterly Update with Jude Pinto: 2026 Q2

In 2026, we have transitioned from building new national payment infrastructure to cultivating an ecosystem that will redefine how money moves across Canada.

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