On October 11, Payments Canada announced the need for revised launch timing for the Real-Time Rail (RTR) payment system to provide additional time to validate and test the RTR system. Initially planned for 2022, then rescheduled mid-2023, this latest announcement does not provide a new timeline.
The RTR will be operated by Payments Canada and overseen by the Bank of Canada. It will enable Canadians to initiate and receive payments within seconds, anytime of the day or night, 365 days per year; and allow RTR Participants to enhance their existing payment products, and to develop new payment products and services.
RTR payments will be irrevocable (i.e., payments will be final and cannot be undone).