Speech: Collaborating toward a shared vision

Garry Foster, Chair of Payments Canada’s Board of Directors, speaks before The 2024 Payments Canada SUMMIT

Headshot of Garry Foster

Garry Foster

Chair of the Board of Directors of Payments Canada

Garry is a Corporate Director and is a results-oriented, business leader with extensive experience in board governance, and facilitating the growth and transformation of complex businesses. He currently sits on the boards of SmartCentres REIT, where he chairs the Audit Committee; and Real Matters Inc., where he is the Lead Independent Director.

Note: Minor changes to the following remarks may have occurred during delivery

TORONTO, May 31, 2024 – As we embark on day three of The 2024 Payments Canada SUMMIT, I must say, it's been an incredible event so far. Meeting new acquaintances and reconnecting with familiar faces has been a highlight of The SUMMIT. The Idea Exchange, breakout sessions, and keynote presentations have all been fantastic learning experiences.

This has been made possible through the support and commitment of our sponsors. Thank you to them. I am also grateful to all the speakers who shared their expertise and insights so far. I look forward to hearing from those who will join us today.

I am proud of the resilience of Payments Canada’s systems. The future of payments is exciting! What we are witnessing today is tremendous collaboration of the ecosystem, unfolding for the benefit of Canada. This collaborative effort is directed towards building a safe, secure and resilient Real-Time Rail and it is one I have never seen before.

A year ago, I was on this stage talking about the Real-Time Rail. I mentioned that working together would be a key driver for the delivery of this critical payment system. Today, as we continue the journey, our determination to provide Canadians with a world-class payment solution remains firm despite the challenges we’ve encountered and addressed.

There is a familiar saying “If you want to go fast, go alone. If you want to go far, go together.” We’re choosing the latter.

Through extensive engagement and cooperation with Payments Canada’s members, regulators and key stakeholders, a clear path has been established to advance the Real-Time Rail program. We’re moving forward with reinforced collaboration and cooperation from across the payment ecosystem. Leveraging this payment network and its expertise, there is renewed momentum and alignment to deliver — as a team — the Real-Time Rail for the benefit of Canada.

The RTR will settle and clear funds within seconds, and will enable more data to travel with each payment. When the launch is completed, the RTR will have a run rate of over a billion transactions a year. We will have smarter, safer and faster transactions that improve certainty and efficiency — saving time and money.

Canada needs a real-time payment system to enhance payment experiences, support long-term innovation, improve our economic competitiveness and provide value and benefit to consumers and businesses.

Secure transactions remains a top priority for the RTR, which is why Payments Canada is leading a collaborative effort — with its members, stakeholders and partners — to deliver a fraud prevention solution.

We have brought together the best. This is our TEAM CANADA — and we will deliver a real-time payment system.

Staying true to our shared vision as we work together toward a common goal, we will improve the way Canadians transact and create a new era of efficiency, safety and convenience for all.

Let's carry forward the inspiration and connections we've cultivated this week. Thank you to everyone who has contributed to making The SUMMIT a memorable and impactful event. A special thanks to the people at Payments Canada for putting on such a wonderful conference.

Enjoy the rest of the day!

Watch more content from the mainstage of The 2024 Payments Canada SUMMIT.

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