Canada's Real-Time Rail will be transformative, enabling new and innovative payment use cases, improving cash flow and providing greater certainty to businesses and consumers alike.
About the RTR
Canada’s Real-Time Rail is a new piece of national payment infrastructure that will allow Canadians to send and receive data-rich payments in real-time. These payments will not only be sent and received in real-time, but they will also clear and settle between participants in real-time, 24/7, 365 days a year. Learn more about the benefits of the Real-Time Rail.
The Real-Time Rail offers a transformative foundation for real-time payments in Canada, giving participants the opportunity to deliver faster, smarter and more flexible payment solutions to their customers. Canada’s Real-Time Rail will deliver significant benefits to consumers, businesses and Canada’s economic well-being by driving innovation, improving payment efficiency and increasing choice. Learn more about the benefits of Canada’s Real-Time Rail.
For years, Canada has had fast exchange via existing money movement systems. With the launch of the Real-Time Rail, Canada will have both real-time exchange and real-time clearing and settlement in a single system. Learn more about real-time exchange and real-time clearing and settlement.
Canada’s Real-Time Rail will have always-on 24/7/365 availability. It will have both payment exchange and settlement, available any day of the year (including holidays) 24 hours a day. Learn more about the Real-Time Rail.
At launch, Canada’s Real-Time Rail will have an initial $100,000 system transaction limit to align with the relevant financial and fraud risk controls participants may be subject to. After launch, the system transaction limit will be reevaluated with a view to increase the limit to support additional use cases as required over time. Participants can choose to set transaction limits for their end-users that are lower than the system transaction limit. Learn more about system requirements and financial risk controls.
Access and participation
Eligibility to participate on Canada’s Real-Time Rail begins with Payments Canada membership. Members that apply for Real-Time Rail participation must meet rigorous technical, operational, security and other mandated requirements related to the system and their chosen participation model. Learn more about Payments Canada membership and Real-Time Rail participation.
Payments Canada membership does not guarantee access to our payment systems. Payments Canada members are eligible to apply to participate on Canada’s Real-Time Rail. Learn more about accessing and participating on Canada’s Real-Time Rail.
Adding new system participants strengthens Canada's payment ecosystem through increased competition and innovation. Prior to going live on the system, every RTR participant must satisfy rigorous technical, operational and security requirements, and successfully complete certification by demonstrating full end-to-end connectivity and payment execution. Learn more about accessing and participating in the RTR.
Testing and launch
Canada’s Real-Time Rail is undergoing comprehensive testing to ensure we are delivering an instant, reliable and resilient payment system that serves those in Canada well into the future. Testing occurs in multiple phases and includes, but is not limited to, system integration testing, user acceptance testing, industry assurance testing, operational readiness testing, performance testing and security testing. Learn more about comprehensive testing.
Prior to going live on the system, every RTR participant must satisfy rigorous technical, operational and security requirements, and successfully complete certification by demonstrating full end-to-end connectivity and payment execution. Learn more about testing and launch of the RTR.
The launch of the RTR is the starting line, not the finish line. By serving as a secure platform for innovation, the RTR will enable system participants to build and offer products and services that benefit consumers and businesses across the country. Learn more about what the RTR could do for your organization.
Payments Canada, our delivery partners and member participants are all engaged in the comprehensive testing of Canada’s Real-Time Rail. Learn more about comprehensive testing.
The comprehensive testing phase of Canada’s Real-Time Rail ensures we are delivering an instant, reliable and resilient payment system that serves those in Canada well into the future. Testing will continue until together we have assurance that the system is ready for launch. Learn more about comprehensive testing.
Canada’s Real-Time Rail will launch in Q4 of 2026 following robust and successful testing that meets Canada’s expectations for a trusted and secure payment system. Learn more about launch.
Details regarding specific RTR participants will be shared once the system is live and participants are successfully onboarded. Learn more about testing and launch of the RTR.
Learning from other jurisdictions, Canada’s deliberately sequenced RTR rollout pairs day-one security with rapid scalability by building on an established network with wide coverage from the start. With this strategy, the RTR is expected to serve more than nine in 10 Canadians within the first year after launch. Learn more about testing and launch of the RTR.
Only RTR participants (via a connection service provider, as applicable) can send and receive payment messages in the RTR Exchange. Learn more about what the RTR could do for your organization.
Payment service providers
Payment service providers are defined under the Retail Payment Activities Act and are required to register with the Bank of Canada. Learn more about what a payment service provider is and how to register on the Bank of Canada website.
Through changes to the Canadian Payments Act and the introduction of the Retail Payment Activities Act, registered payment service providers are now eligible to apply for Payments Canada membership. Following membership approval, they can apply for Real-Time Rail system participation. A comprehensive guide to payment service provider participation is available on our website, including information on different participation types that are designed to enable flexibility based on an organization’s unique needs and business objectives. Learn more about payment service provider participation and access the guide.
Real-Time Rail participation will give member payment service providers the opportunity to create tailored, value-added payment products, capture new revenue streams and compete more effectively in a modernized marketplace. A comprehensive guide to payment service provider participation is available on our website, including information on different participation types that are designed to enable flexibility based on an organization’s unique needs and business objectives. Learn more about payment service provider participation and access the guide.
Fraud services
Yes. Canada’s Real-Time Rail will be one of the few real-time payment systems globally to launch with fraud mitigation capabilities from day one. Learn more about fraud mitigation.
Real-Time Rail fraud mitigation services will be mandatory for all participants and be in addition to each participant’s own fraud mitigation services. It will serve as an additional layer of fraud services accessible to all network participants, supporting the monitoring, detection and mitigation of fraud. Learn more about fraud mitigation services.
RTR participants are required to use the centralized fraud services under the RTR Rules from day one. These services complement participants' existing internal fraud controls. The requirement to use such fraud mitigation tools draws on lessons learned from international implementations. Learn more about the centralized fraud services and the RTR.
No payment type or system is immune to fraud attempts, but a coordinated, ecosystem-wide approach that combines technology, regulation and education meaningfully reduces the risk to Canadians. The requirement to use the centralized fraud services is one layer of defence, as RTR participants each maintain their own internal fraud controls. Learn more about the centralized fraud services and the RTR.
Technology and innovation
The RTR provides an open platform for participants to develop new and innovative payment solutions to meet the needs of payment end users and enable competitive differentiation. Intended as a platform for innovation, the Real-Time Rail is being built in anticipation of competitive services: market-facing payment products or services that leverage the real-time payment functionality of the Real-Time Rail. Learn more about innovating on the Real-Time Rail.
Competitive services are the market-facing payment products and services that leverage the capabilities of the Real-Time Rail payment system. They are developed by Real-Time Rail participants and/or third parties and offered to the market on a commercial basis. Learn more about competitive solutions.
Payments Canada’s Real-Time Rail API sandbox allows developers to explore and create against API functionality user test data. These APIs will help businesses prepare for the launch of the Real-Time Rail. Learn more about the API sandbox.
The Real-Time Rail API sandbox is open to any developer, business or individual. There is no fee to use the developer portal. Register for the developer portal to access the sandbox and receive notifications when new APIs are added. Learn more about the API sandbox.
Consumer reimbursements and irrevocable payments
Under current rules, the RTR participant — such as the financial institution, credit union or payment service provider — that a customer deals with directly is responsible for handling that customer's fraud or error complaint in accordance with applicable requirements. Each RTR participant is also required to be a member of an external complaints body and registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Learn more about complaints and disputes in RTR Rule 7.
RTR payments are final and irrevocable, except in circumstances specified in the RTR Rules. If a payment involves an error or potential fraud, for example, sending participants may request a return, but the decision to return the funds rests within the discretion of the receiving participant in accordance with the RTR Rules. Learn more about complaints and disputes in RTR Rule 7.
Every RTR participant is required to have policies and procedures in place that explain their responsibilities to customers, including when they must investigate claims or complaints, customers’ responsibilities when sending or receiving a payment, when customers may be reimbursed, or a return of funds may be requested, and how unresolved complaints can be escalated. Learn more about complaints and disputes in RTR Rule 7.
An RTR payment cannot be reversed. RTR payments are final and irrevocable, except in the circumstances specified in Payments Canada’s RTR Rules. If a payment involves an error or potential fraud, for example, sending participants may request a return, but the decision to return the funds rests within the discretion of the receiving participant in accordance with the RTR Rules. Learn more about payment returns in RTR Rule 7.
Once the RTR payment has settled, the recipient will generally have access to the funds within 60 seconds. The RTR Rules allow exceptions in certain circumstances. Learn more about payment funds availability in RTR Rule 6.