With recent amendments to the Canadian Payments Act and the introduction of the Retail Payments Activities Act, Payment Service Providers (PSPs) are eligible for Payments Canada membership and access to the Real-Time Rail (RTR) system.
The RTR is an always-on, real-time clearing and settlement system that enables PSPs to provide their clients with immediate funds delivery and payment processing. With real-time settlement, PSPs will be able to eliminate credit risk between participants, freeing liquidity and strengthening financial stability.
The RTR is designed to support multiple business models and meet PSPs’ strategic needs. Understanding the RTR’s operating model, technical requirements, onboarding process and ongoing system management will help PSPs best capitalize on the RTR’s instant payment capabilities.
Payments Canada has made available The Real-Time Rail Participation Guide for Payment Service Providers (the Guide), which outlines the process for becoming a Payments Canada member and RTR participant, along with the technical, operational and business requirements to participate.
The Real-Time Rail Participation Guide for Payment Service Providers is available for download from the website of the Payments Canada.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.