Real-Time Rail payment system

The Real-Time Rail (RTR) — Canada’s first national real-time payment system — will support faster (24/7/365), data-rich payments and act as a platform for payment innovation and competition. It will allow Canadians to initiate and receive payments within seconds, anytime of the day or night, 365 days per year. RTR payments will be irrevocable, meaning they are final and cannot be undone.

Underpinned by robust rules in line with Payments Canada’s public-purpose mandate, the RTR will level the playing field. The access model supports existing member financial institutions and, once legislative support is in place, non-bank payment service providers.

The new system will be operated by Payments Canada and overseen by the Bank of Canada. All participants will meet strict requirements from the Bank of Canada and Payments Canada to ensure the system meets the risk-management standards for designated financial market infrastructures, which the RTR will be at launch.

RTR Participants will be able to leverage the functionality of the RTR to enhance existing payment products, and to develop new payment products and services. As well, the RTR Exchange is designed to enable the introduction of future system features and functionality. For example, Request to Pay will support a business owner or individual being able to send an electronic request for a payment.


Payment message exchange and transaction processing, including settlement, completed within 60 seconds.

24/7/365 real-time payment status notifications, providing transparency and certainty for end-users.

open risk-based icon

Accessible to direct participants that meet strict requirements.

Funds are irrevocable and will provide finality of payment for the Payor and Payee.


Payment messages will route using account numbers to support a wide range of payment needs.

Widespread payment initiation and receipt, with the ability to reach nearly every deposit account in Canada.

All Payments Canada members will be eligible to participate  provided they meet the risk-based access criteria.

Safety and soundness ensured by the Bank of Canada’s Prominent Payment System risk management.

The RTR will go-live with the ISO 20022 financial messaging standard, and support more information travelling with every payment. This data will lead to faster reconciliation of the payment.

The RTR will enable Canada to better compete nationally and internationally with faster payment options, and will act as a platform for innovation, enabling the introduction of new and enhanced payment products and experiences. Participants in the payment system will be able to connect and develop new ways for Canadians — from consumers, businesses and governments — to pay for goods and services, transfer money and more, faster, easier and securely.


Governments Businesses Financial institutions Consumers

Learn more

The PayPod - Episode 20: Faster payments are only part of the real-time payments story
When we hear about real-time payments the first thing we think of is speed. But when it comes to the Real-Time-Rail (RTR), faster payments are only part of the story. In this episode, host Cyrielle Chiron is joined by Janet Lalonde, Senior Director, Real-Time Rail at Payments Canada to discuss the value of real-time payments and how the RTR is more than a payment system, but a platform for innovation. Listen to the episode



ISO 20022 messages for the Real-Time Rail now available
ISO 20022 messages for the Real-Time Rail (RTR), Canada’s new real-time payment system coming in mid-2023, are now available on Payments Canada’s ISO 20022 Resource Centre. These specifications will allow RTR participants... Read more



Public Services and Procurement Canada examines the benefits of a real-time rail for the Government of Canada’s payment processes
In this case study, Public Services and Procurement Canada examines the benefits of payment modernization and data-rich payments for the Receiver General for Canada. By adopting the ISO 20022 financial messaging standard,... Read more



Payments Canada selects TCS as the integration lead for the Real-Time Rail, Canada’s real-time payment system
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... Read more