Payments Canada further delays launch of real-time payment system
Payments Canada is undertaking a second review of its upcoming real-time payments system, Real-Time Rail (RTR), further delaying its launch.
Payments Canada further delays launch of RTR
“Current delivery delays, unrelated to the exchange technology components, are impacting the launch date of the RTR,” Payments Canada says in a statement.
“Payments Canada recognises that timelines have shifted since the RTR program was launched and acknowledges the implications of delays to the payment ecosystem.”
During the next three months, Payments Canada will review the risks identified in the delivery of the RTR, and “suspend or shift the focus of some RTR program activities”.
Earlier this year, the organisation had engaged a third party to review delivery assurance, which focused on programme management, people and process. The review was completed in Q1 and confirmed that Payments Canada is “well positioned to continue to lead the program effectively”.
The review further recommended additional testing and investments to enhance ongoing operations once the RTR system goes live, on which Payments Canada says it has made progress.
The RTR is part of a multi-year modernisation of Canada’s payments infrastructure. Regulated by the Bank of Canada, the system will enable round-the-clock initiation of payments. It was expected to launch in 2022, but with the delays, a mid-2023 launch is now expected.
Payments Canada is developing the RTR in partnership with a number of vendors including Interac which is providing the infrastructure, Mastercard and its subsidiary Vocalink as the clearing and settlement solution provider, and Tata Consultancy Services (TCS) as the integration lead.
