Payments Canada has introduced The Real-Time Rail Participation Guide for Payment Service Providers to help PSPs access the country’s new instant payments system.
This follows changes to the Canadian Payments Act and the Retail Payments Activities Act, allowing PSPs to join Payments Canada and the Real-Time Rail (RTR) system for the first time.
The RTR system offers 24/7/365 clearing and settlement of payments, enabling instant, irrevocable transactions. This gives PSPs the chance to reduce credit risk, improve liquidity, and offer faster, more secure payment services to customers.
By joining the RTR, PSPs can also access data-rich capabilities and enhance operational efficiency. Payments Canada said the guide covers membership steps, technical and operational requirements, and best practices for onboarding to ensure PSPs can fully benefit from the RTR’s real-time capabilities.
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