Payments Canada launches Real-Time Rail

Payments Canada launched its Real-Time Rail on November 9, enabling participating financial providers to exchange, clear and settle payments in real time, around the clock. The system is designed to make funds available faster than through payment processes that do not settle immediately, while giving transactions more detailed information.

Eight providers were named as participants at launch: Wealthsimple, Questbank, Peoples Trust Company, Paramount Commerce, KOHO, DoBusiness.com, Digital Commerce Bank and Bank of America. Access depends on a customer’s provider joining the network. Payments Canada expects additional participants, including major Canadian financial institutions, to join in the coming months.

Payments Canada forecasts that more than 90% of Canadians will have access within the rail’s first year. That is a projection, not a measure of access at launch. The system is being introduced in phases, with a first domestic rollout wave expected to be completed around August 2027.

The rail uses the ISO 20022 financial messaging standard, which supports more detailed information in payment messages. Payments Canada says consumer-account confirmation of payee is available...