Payments Canada makes ‘substantial progress’ on Real-Time Rail

Editorial

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Part of a multi-year, multi-system payments modernisation initiative, RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. The system will also tap the ISO 20022 messaging standard to support payment information traveling with every payment.

Mastercard-owned Vocalink was initially contracted with providing the clearing and settlement infrastructure, with TCS onboard as integration lead. However, after a second review of the project pushed the delivery deadline back, last year IBM Canada and CGI were brought in.

In an update, Payments Canada chief delivery officer Jude Pinto says the new team is now more than halfway through the technical build of the RTR. The technical build encompasses both the installation of hardware in data centres, including servers and the development of software, including coding for the real-time clearing and settlement system.

The build will continue over the first quarter ahead of testing and increased direct member engagement.

Pinto adds that progress as been made on an integrated fraud solution, with consensus reached with members and participants on a strategy and on high-level requirements for an effective mitigation system.