Question 1

What is the Real-Time Rail (RTR)?

Accepted Answer

The Real-Time Rail is Canada's new real-time payments system, operated by Payments Canada. It enables instant, data-rich payments 24/7/365 using ISO 20022 messaging.

Question 2

Who must participate in RTR?

Accepted Answer

All Payments Canada members must be able to receive RTR payments. Organizations that also choose to send RTR payments can offer instant transfers to customers and gain a competitive advantage.

Question 3

What RTR wave is my institution in?

Accepted Answer

Your institution's participation in RTR is agreed upon with Payments Canada. If you are a Payments Canada member, please contact your industry engagement lead.

Question 4

What is the difference between RTR Receive and RTR Send?

Accepted Answer

RTR Receive is the mandatory capability to accept incoming real-time payments. RTR Send lets an organization originate real-time payments and build new products and customer experiences on top of the network.

Question 5

Will RTR be enabled in Interac e-Transfer?

Accepted Answer

Yes. Interac e-Transfer is one of the ways to send and receive RTR payments.

Question 6

When do I need to be ready?

Accepted Answer

Payments Canada has targeted Wave 1 launch for Q4 2026. RTR enablement is a 6-12 month process. Given the scope of work in technology, operations, risk, compliance and certification, most participants should start readiness work now.

Question 7

Do you work directly with financial institutions or through technology partners?

Accepted Answer

Both. We help participants define their connection and settlement model, then support implementation whether the build is internal, with a CSP, or alongside a technology vendor.

Question 8

What does fixed-price delivery include?

Accepted Answer

Each package covers a defined scope from discovery through launch and hypercare. Pricing is agreed upfront, with clear deliverables and milestones. Change requests outside the agreed scope are handled transparently.

Real-Time Rail questions, answered