Individuals can transfer funds between their accounts at different participating financial providers in real time.
Canada’s Real-Time Rail enables the secure sending and receiving of funds between accounts at different institutions in real time, offering instant me-to-me transfers to their customers. Individuals can instantly transfer funds to an account at another participating financial provider to pay off a credit card or fund a brokerage account.
Leverage me-to-me transfers
To leverage this use case, both the sending and receiving financial institutions must be enabled to use Canada’s Real-Time Rail. Contact your Payments Canada relationship manager or email info@payments.ca to learn how your financial institution or payment service provider can adopt the forthcoming Real-Time Rail.