Payments Canada launches real-time rail payment system
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OTTAWA – Payments Canada says it has launched its real-time rail national payment system, which is expected to speed day-to-day payments for Canadian businesses and consumers.
It says the new system is expected to enable participating members to exchange, clear and settle payments securely in real time.
The initial participants includes Wealthsimple, Questbank, Peoples Trust Co., Paramount Commerce, Koho, DoBusiness.com, Digital Commerce Bank and Bank of America. Additional participants are expected to be added in the coming months, including all of the major Canadian financial institutions.
The system is expected to generate savings from lower processing costs, reduced use of cash and cheques and a shorter period during which funds are temporarily unavailable to the recipient.
Payments Canada CEO Susan Hawkins says the launch marks the beginning of a new era for payments in Canada and gives the payment ecosystem a modern foundation to build on.
Transactions that pass through Payments Canada systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques.
This report by The Canadian Press was first published Nov. 9, 2026.