The Bank of Canada has officially designated the Real-Time Rail (RTR) system, operated by Payments Canada, as a prominent payment system under the Payment Clearing and Settlement Act, effective November 8, 2026. This designation places the RTR under the formal oversight of the Bank of Canada, requiring Payments Canada to ensure the system meets the Bank’s risk-management standards for safety and resilience.
As a designated domestic clearing and settlement system, the RTR will now operate under the Bank’s resolution regime, which ensures the continuity of critical services in the event the system becomes non-viable. The RTR will provide continuous clearing and settlement of payments with immediate availability of funds, including payments exchanged through Interac e-Transfer.
The Bank of Canada regularly monitors payment systems to assess their potential to cause systemic or payments system risk. While the Bank’s oversight does not extend to consumer protection, it expects designated systems to implement measures to prevent fraud. Victims of fraud are advised to report incidents to their financial institution and the Canadian Anti-Fraud Centre.