Canada and the European Union named the interlinking of Canada's Real-Time Rail with the Eurosystem's TARGET Instant Payment Settlement service as an initiative of their new Alliance for the Future. The backgrounder states that interlinking the two systems would allow people and businesses to send money between Canada and the EU more quickly and at a lower cost than traditional international transfers. It lists the Eurosystem, the Bank of Canada and Payments Canada as partners in the initiative, and says Canada and the EU intend to support their work toward connecting the two sides' instant payment systems for near-real-time cross-border payments.
Payments Canada says the Real-Time Rail is launching in the fourth quarter of 2026.