Payments Canada has picked local debit network Interac as the exchange solution provider for the country’s new real-time payments system.
Payments Canada is in the midst of a multi-year, multi-system payments modernisation initiative.
As part of this, it is creating a real-time payments system, called the Real-Time Rail (RTR). Late last year Mastercard-owned Vocalink was awarded the contract to build the RTR clearing and settlement infrastructure.
Now Interac has won the deal to provide an exchange solution that allows Payments Canada members participating in the RTR to send and receive payment messages, tapping into the debit network’s existing infrastructure and connectivity to nearly 300 financial institutions.
Tracey Black, president and CEO, Payments Canada, says: “The Real-Time Rail will be the foundation for faster, data-rich payments and act as a platform for innovation.
“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.”