Payments Canada has announced that the launch of Real-Time Rail (RTR), the anticipated system for near-instant financial transactions, is postponed until 2026. Originally scheduled for 2019, RTR’s development has encountered delays, with the final phase of “clearing and settlement build” pending before industry testing can commence in 2025.
Payments Canada, which has collaborated with IBM and CGI on this project, seeks to enhance the speed and efficiency of the national payment infrastructure. Interim co-CEO Jude Pinto expressed commitment to updating stakeholders as the project progresses. This system aims to revolutionize how Canadians manage transactions by enabling real-time processing.
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