Payments Canada By-law No. 10, the legal framework for Canada's Real-Time Rail, came into force on August 24, 2026. The RTR Rules came into force on the same date. The federal government published the by-law in the Canada Gazette, Part II on July 1, 2026.
Payments Canada states the Real-Time Rail will launch in the fourth quarter of 2026. The by-law governs how eligible Payments Canada members participate in the system. It covers clearing, settlement, and final and irrevocable settlement through the Bank of Canada.
The Real-Time Rail will support 24/7/365 payments that are irrevocable. All transactions will use the ISO 20022 financial messaging standard. Payments Canada has started industry solution assurance testing with participants.