Canada’s Real-Time Rail will provide opportunity with every transaction
For decades, the systems that facilitate the movement of money in Canada have operated safely, reliably and efficiently in the background, providing stability to Canada’s economy. However, at Payments Canada, our purpose extends beyond just the technical operation of clearing and settlement; we hold a unique position as a public-purpose, not-for-profit organization at the center of the payment ecosystem with a responsibility to strengthen the prosperity, productivity and security for Canada through world-class payments.
We recognize that modern payment systems are as critical as highways or electrical grids. They are the essential engines for productivity as they move money, directly determining the speed of commerce, the security of funds and the overall efficiency of the economy.
Today, Canada’s payment ecosystem is more diverse, dynamic and evolving faster than ever before. Against a shifting geopolitical landscape, the modernization of our infrastructure is in strategic alignment with national priorities to build a stronger, more competitive Canada.
The centerpiece of this transformation is the forthcoming Real-Time Rail (RTR). The RTR is a transformational, made-in-Canada payments infrastructure designed to deliver significant benefits to consumers and businesses by driving innovation, improving efficiency and increasing choice. Payments Canada and our partners are modernizing Canada’s economic foundation with real-time capabilities. This future payment infrastructure is designed to be a catalyst that will provide opportunities with every payment.
Navigating a Shifting Landscape
To understand the importance of the RTR, one must look at the current operating context of the Canadian payment landscape. Our Canadian Payment Methods and Trends (CPMT) report, Payments Canada’s annual research that provides insights into how Canadian consumers and businesses pay, paints a picture of an ecosystem in transition. The latest figures show the total payment market in Canada experiencing steady growth, processing 22.5 billion transactions valued at $12.2 trillion.
While digital growth is evident, paper-based processes and legacy systems remain a component of the Canadian economy. For instance, despite a ten per cent year-over-year decline in transaction volume, cheques still accounted for $2.7 trillion in value in 2024, representing 22 per cent of total payment value. The friction of these legacy processes acts as a drag on productivity. While consumers may not pay a direct fee for writing a cheque, the cost of inefficiency is certainly embedded and felt in the financial system, resulting in higher monthly fees and reducing disposable capital for investment.
Furthermore, Canadians express a desire for faster, more modern alternatives in specific situations. Our research indicates that nearly …
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