Speech: Day Two opening remarks from The Payments Canada SUMMIT
Garry Foster, Chair of Payments Canada's Board of Directors, takes the main stage at The 2025 Payments Canada SUMMIT.
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 7, 2025 – Good morning! It’s an honour to be here today with such a distinguished group of colleagues.
I stood on this stage last year and committed that we would deliver the Real-Time Rail and that is exactly what we are doing.
In fact, we’ve made remarkable progress since this time last year. The collaboration, dedication and incredible effort spearheaded by our team Canada approach has propelled us forward.
The critical work being done right now will ensure that the Real-Time Rail will meet the highest standards of safety and soundness that Canadians expect and deserve.
The future is unpredictable — this is especially true for the business community. Whether it’s in the world of finance, technology, or the broader global landscape — we often face challenging environments that demand adaptability and resilience.
To navigate these changes, it is imperative that we remain focused on the destination, adapt when required and stay fully committed to the path that will lead us there.
It reminds me of when we first started using GPS. Do you remember your first GPS device — likely a small handheld Garmin. What a feeling. You punch in your destination and suddenly you’re guided — and it talks to you and tells you where to turn!
It felt a bit unfamiliar at first, but now it’s hard to imagine traveling without it. And look at the way it's changed since the consumer introduction. It operates in real-time, recalculates routes, tells you where to charge your EV car or where the next Tim’s is located — although that’s never far away.
It has changed so many habits — when was the last time you looked at a paper map! This GPS transformative technology has improved our driving experience. And I believe the Real-Time Rail will revolutionize the way Canadians experience payments.
This transformation is underway and, as Susan said, the build will be completed in Q3 and then we will begin testing. Testing is both exciting and unpredictable. It is a critical part of the process, and it is how we ensure the system is safe and sound when it goes live.
And while testing takes place, we’re preparing for what comes next — strategically planning how the system will evolve and enhance the payment experience for all Canadians.
Our members, delivery partners, regulators and stakeholders all understand that the impact of the RTR will be felt in waves, with real-world cases that will continue to evolve throughout our journey.
The RTR will be delivered — collectively — for Canadians by our team Canada.
It will set a new standard for payments in this country — and perhaps even around the world. For example, Canada is ahead of the curve with the centralized fraud solution that will be integrated into the RTR at its launch.
This transformation will have a far-reaching impact across sectors, laying an innovative foundation for a more connected, secure and productive future.
It is an exciting time for payments in Canada — as together — we shape the next chapter of Canada’s economic story.
