Payments Canada picks Interac for real-time infrastructure
Payments Canada has selected exchange solutions provider Interac as the provider of the country’s upcoming real-time payments system.
Interac is aiding in the deployment of Real-Time Rail (RTR). It will use its Interac e-Transfer service in the design, construction, and maintenance of the new system.
Interac claims its system is already in use with “millions” of Canadians every day, and connects to around 300 financial institutions in the nation.
RTR is part of a multi-year modernisation of Canada’s payments infrastructure. Regulated by the Bank of Canada, the system will enable round-the-clock initiation of payments.
Payments Canada plans a 2022 go-live for the new infrastructure. Interac is the second solutions provider on board with the project, after Mastercard and its Vocalink signed up last year to provide settlement.
“The RTR will be the foundation for faster, data-rich payments and act as a platform for innovation,” says Tracey Black, president and CEO of Payments Canada.
“Participants in the payment system will be able to connect and develop new and exciting ways for Canadians to pay for goods and services, transfer money and better compete nationally and internationally.”
Mark O’Connell, president and CEO of Interac, says the deal represents a “significant opportunity” for both consumers and businesses in the country.