For the first time, payment service providers (PSPs) in Canada will soon be eligible for Payments Canada membership and participation in the country’s Real-Time Rail (RTR) system.
This change follows recent amendments to the Canadian Payments Act and the introduction of the Retail Payments Activities Act.
To support this development, Payments Canada has unveiled The Real-Time Rail Participation Guide for Payment Service Providers. The guide provides detailed information on how PSPs can become members of Payments Canada and participate in the RTR system. It also outlines the technical, operational and business requirements necessary for onboarding and participation.
The RTR system is a modern, always-on payments infrastructure enabling real-time clearing and settlement of transactions. With 24/7/365 availability, PSPs can offer clients instant payments while reducing credit risk and freeing up liquidity through real-time settlement. This access to immediate funds delivery and improved liquidity management opens up new opportunities for PSPs to innovate and expand their services.
The launch of the RTR system also means PSPs can enhance operational efficiency, offering customers the convenience of instant, irrevocable payments alongside richer data capabilities.
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