Payments Canada announced that it has made significant headway in developing its Real-Time Rail (RTR) payments system, following the engagement of new technology partners. As a central part of a multi-year initiative to modernize payment systems, RTR will enable Canadians to initiate transactions and receive irrevocable funds within seconds, operating continuously 24/7/365. The system will also incorporate the ISO 20022 messaging standard, ensuring that comprehensive payment information accompanies every transaction.
Initially, Mastercard-owned Vocalink was contracted to provide the clearing and settlement infrastructure, with TCS serving as the integration lead. However, after a subsequent project review extended the delivery timeline, Payments Canada expanded its team last year by bringing on IBM Canada and CGI.
In a recent update, Payments Canada’s Chief Delivery Officer, Jude Pinto, stated that the new team has now progressed past the halfway mark in the technical build phase of RTR. This phase involves installing hardware such as servers in data centres, as well as developing the necessary software and coding for the real-time clearing and settlement system.
The build phase is expected to continue through the first quarter, paving the way for comprehensive testing and enhanced engagement with direct members. Pinto also highlighted progress on an integrated fraud solution, noting that there is now a consensus among members and participants on a strategy and high-level requirements for an effective mitigation system.
Comments