OTTOWA, Canada—Payments Canada is undertaking a second review of its upcoming real-time payments system, Real-Time Rail (RTR), further delaying its launch, according to a new report.
“Current delivery delays, unrelated to the exchange technology components, are impacting the launch date of the RTR,” Payments Canada said. “Payments Canada recognizes that timelines have shifted since the RTR program was launched and acknowledges the implications of delays to the payment ecosystem.”
During the next three months, Payments Canada will review the risks identified in the delivery of the RTR, and “suspend or shift the focus of some RTR program activities,” Fintech Futures reported.
Earlier this year, the organization had engaged a third party to review delivery assurance, which focused on program management, people and process. The review was completed in Q1 and confirmed that Payments Canada is “well positioned to continue to lead the program effectively,” Fintech Futures said.
Additional Recommendations
The review further recommended additional testing and investments to enhance ongoing operations once the RTR system goes live, on which Payments Canada says it has made progress, the report stated.
The developments in Canada come at the same time the Federal Reserve is preparing to launch its instant payment solution in the United States, FedNow.
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