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Payments Canada has selected Interac Corp. as the exchange solution provider for Canada’s real-time payments system dubbed the Real-Time Rail (RTR).
Via Interac’s exchange solution, Payments Canada members participating in the RTR will be allowed to send and receive RTR payment messages.
The partnership will leverage Interac’s existing infrastructure in Canada’s payment ecosystem and its existing connectivity to nearly 300 financial institutions.
In addition, the exchange solution will interface with the clearing and settlement solution being provided by Mastercard’s Vocalink, in a bid to enable the settlement of RTR payments in real-time.
The RTR is operated by Payments Canada and regulated by the Bank of Canada, and it will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. The RTR is expected to launch in 2022.
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