Canada’s New Real-Time Payments System Policy Framework

Status:

Open for feedback

Canada’s New Real-Time Payments System Policy Framework

Close date: October 30, 2020

Requested by: Payments Canada

Summary:

The Real-Time Rail (RTR) is a new real-time payments system for Canada, expected to go live in 2022 following the launch of Lynx, Canada’s new high-value payments system, in 2021. Payments Canada has a legislative mandate to establish and operate national systems for the clearing and settlement of payments, and other arrangements for making or exchanging payments. Foundational to developing a new system is ensuring that  there is a sound legal framework consisting of by-laws, rules and standards that govern participation and the use of the system. 

Consultation feedback is being sought on RTR policy issues, expectations for end-user and industry impacts, and the meeting of the RTR’s policy objectives.

Member ask

Summary:

Request for PayTech members to provide a summary of their views on the range of RTR policy directions and highlight the impact for their business and possible mitigation strategies.  Please limit your feedback to 500 words, in word format.

Feedback instructions:

In addition, you are encouraged to submit your feedback directly to Payments Canada at consultations@paytechs.ca by end of day on October 15, 2020.

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