Payments Canada has announced the selection of Mastercard’s Vocalink as the clearing and settlement solution provider for the country’s new real-time payments system, the Real-Time Rail (RTR).
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.
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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.
The new announcement follows an extensive procurement process that included the Bank of Canada and the Department of Finance.
The C & S solution will comply with Bank of Canada’s risk management standards
The partnership will draw on Mastercard’s expertise, and its next-generation real-time payments technology to provide the infrastructure and services to support the clearing and settlement for RTR.
The clearing and settlement solution will meet all Payments Canada requirements, including support for the ISO 20022 messaging standard, and will comply with the Bank of Canada risk management standards for prominent payment systems.
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By GlobalDataTracey Black, President and CEO of Payments Canada, said:
“Providing Canadians and Canadian businesses with access to faster, data-rich payment options will enable innovation, support the long-term growth of the economy, and strengthen our global competitiveness.”
Operated by Payments Canada and regulated by the Bank of Canada, the RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.
“Consumers, businesses, and governments benefit from the efficiency, transparency, and innovation”
Underpinned by the ISO 20022 data standard, the system will support payment information travelling with every payment and act as a platform for innovation, enabling the introduction of new and enhanced payment products and experiences.
said Sasha Krstic, President of Mastercard in Canada, said:
“As a company that operates real-time payments systems, across card and account rails around the world, we’ve seen first-hand how consumers, businesses, and governments benefit from the efficiency, transparency, and innovation they provide.”
RTR is a fundamental part of Payments Canada’s multi-year industry program to modernize the infrastructure, rules and standards that underpin payments in Canada.
