Consumers and businesses benefit from innovation in the payment system when the right precautions are in place.
Our supervisory framework will complement work led by Payments Canada to modernize Canada’s core payment systems. A new payment system, Real-Time Rail (RTR), is an important part of this modernization.
When launched, the RTR will allow Canadian consumers and businesses to exchange funds in real time. PSPs may have access to the RTR system if they:
- are eligible for membership with Payments Canada
- meet specific requirements
Under the Canadian Payments Act, entities eligible for Payments Canada membership include:
- domestic and authorized foreign banks
- other deposit-taking institutions, such as trust and loan companies
The Department of Finance Canada is working to expand the eligibility criteria to include PSPs supervised under the RPAA. When Finance Canada expands the eligibility requirements, PSPs who wish to connect to the RTR must register with us before they can apply to become a member of Payments Canada.
Within the RTR system, PSPs will be able to:
- exchange payments in real time
- settle and clear their own transactions
- rely on other participants to provide settlement service
Once registered, PSPs that wish to settle transactions will be required to apply to open a settlement account with us.
Learn more about:
- the approach to retail payments supervision and access to the RTR
- the Bank of Canada’s Real-Time Rail (RTR) settlement account access policy
- the steps for applying for an RTR settlement account