Payments Canada announces launch of Canada's Real-Time Rail (RTR) payment system

Payments Canada launched Canada's Real-Time Rail (RTR), a new national payment system enabling instant, 24/7 clearing and settlement of payments across financial institutions and payment service providers. The system is projected to generate up to $14.5 billion in cost savings over the next decade, with an additional $16 billion in economic gains, while providing real-time cash-flow visibility and data-rich messaging for Canadian businesses and consumers.