Payments Canada Launches Long-Delayed Instant Payments System
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 launch of Canada’s real-time rail marks the beginning of […]
TL;DR
- Payments Canada has launched its real-time rail national payment system.
- The system aims to speed up day-to-day payments for Canadian businesses and consumers.
- It will enable secure, real-time exchange, clearing, and settlement of payments.
- The launch marks a new era for payments in Canada.
- Expected benefits include lower processing costs, reduced use of cash/cheques, and faster fund availability.