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Planned — This system has been announced but is not yet live.

RTR (Real-Time Rail)

FPSPlanned

Canada's instant payment system. 24/7/365 real-time clearing and settlement in central bank money. ISO 20022 native. Will provide uplift to Interac e-Transfer. Originally planned for 2022 — delayed multiple times. Program resumed with renewed momentum after risk review completed early 2026.

Expected Launch: 2026-Q3 (target)
NowHours: computing from the published schedule…Service condition: not monitored details

ClearingPost does not assess whether RTR (Real-Time Rail) is running normally.

Next

Dated items ClearingPost holds, each with its source and whether the date is confirmed

No supported upcoming items in ClearingPost's records for RTR (Real-Time Rail).

ClearingPost holds sourced upcoming items for 10 of 150 systems; an empty list is a statement about ClearingPost's records, not about a system's plans.

Changed

Material, sourced changes ClearingPost recorded; corrections to its own record are labelled as such

No substantive change recorded for RTR (Real-Time Rail) in ClearingPost's change records.

The full activity log for this system, including context notes, is on the Changes page.

Sources ClearingPost reads Bank of Canada · Authoritative (T1) · 7 of 17 fields carry a source and a recorded date · latest sourced entry recorded 28 Sep 2026 · evidence details ↓

Record · RTR (Real-Time Rail)

Development Progress
Announced
Consultation
Procurement
Development
Testing
Pilot
Soft Launch
Live
Country
Canada (CA)
Currency
Canadian Dollar (CAD)
Operator
Payments Canada / Interac / IBM / CGI
Type
FPS
Operating Window
24/7/365
Year Established
2026
Daily Volume
Not yet launched
Tier?
Tier 1
ISO 20022?
Native
Region
Americas
Settlement Type?
Gross
Participants
Payments Canada members + approved PSPs under RPAA
Availability
Planned: 24/7/365
Notes

Payments Canada states the Real-Time Rail launches in Q4 2026, moved from the Q3 2026 target reported earlier in the year. The RTR By-law and RTR Rules received all necessary approvals and came into force on 24 August 2026, with the By-law published in the Canada Gazette, Part II. Payments Canada is running industry solution assurance testing with participants and continues to onboard new members ahead of launch. No throughput figures exist yet because the system is not live.

Payments Canada / Interac / IBM / CGI official website →
Reference Sources
Bank of Canada
Authoritative (T1)Entry recorded Mar 15, 2026
Status →
See all FPS systems →See all systems in Canada →ISO 20022 migration status →Payment rails by country →
Other systems in the same country or region
FedwireRTGS
United States · USD · Federal Reserve
FedACH / NachaACH
United States · USD · Federal Reserve / Nacha
CHIPSRTGS
United States · USD · The Clearing House
FedNowFPS
United States · USD · Federal Reserve
LynxRTGS
Canada · CAD · Payments Canada
EFT / ACSSACH
Canada · CAD · Payments Canada

Operations · RTR (Real-Time Rail)

Operational monitoring: not configured. ClearingPost does not monitor operational sources for this system and does not assess its current service condition.

Operations lists the systems ClearingPost monitors and the operational events it has recorded.

Intelligence for RTR (Real-Time Rail) (5)

Coverage whose headline or summary names RTR (Real-Time Rail), or names its operator or country together with its system type. Each item quotes that evidence and says whether the source is the RTR (Real-Time Rail) operator or external.

NewsMay 11, 2026Headline names “RTR”
Canada Confirms Three-Phase RTR Rollout After 1,800 Businesses Register for Access
Payments Canada confirmed at its annual summit that the Real-Time Rail will launch in Q4 2026 with a three-phase onboarding process. Full participant access is expected in 2027. The announcement comes as 1,800 payments businesses have registered with the Bank of Canada, and Canada's existing payment infrastructure cleared $103 trillion in 2025.
External source · Payments Canada / GlobeNewswire
NewsMay 8, 2026Headline names “RTR”
Payments Canada Confirms RTR Launch for Q4 2026 at Annual Summit
RTR completed system integration testing in Q4 2025. User acceptance testing concluded in Q1 2026. The system is now in its performance, security, and resilience testing phase.
External source · GlobeNewsWire (Payments Canada press release)
NewsMar 27, 2026Summary names “Real-Time Rail”
Meridian Credit Union Becomes First Provincial Credit Union to Join Payments Canada
Lynx currently has 16 direct participants. The Real-Time Rail remains on track for Q3 2026 launch following completion of system integration testing in Q4 2025.
Operator source · Payments Canada
NewsMar 7, 2026Headline names “Real-Time Rail”
Canada's Real-Time Rail Targets Q3 2026 Launch
The C.D. Howe Institute estimates the RTR will contribute over $3 billion to the Canadian economy in its first five years through: - Reduced payment processing costs for businesses - Improved cash flow management for SMEs - New use cases enabled b...
Operator source · Payments Canada
NewsJan 27, 2026Summary names “RTR”
Wise, KOHO, and Three Fintechs Become First Non-Bank Payments Canada Members
For the first time, fintechs can become direct Payments Canada members and will be eligible to participate directly in the Real-Time Rail (RTR) once it launches.
Operator source · Payments Canada

Wider coverage that mentions RTR (Real-Time Rail) (1)

These articles mention RTR (Real-Time Rail) in their text but not in their headline or summary, so they are listed as context rather than as RTR (Real-Time Rail) intelligence.

AnalysisJun 16, 2026Text mentions “Real-Time Rail”
Payments Canada Clears CAD $103 Trillion in 2025 as Membership Expands to Fintechs and Crypto
Lynx is the real-time gross settlement system at the core of Payments Canada's infrastructure. The system currently maintains 16 direct participants, all banks.
External source · Payments Canada / GlobeNewswire