Canada launches the Real-Time Rail instant payments system
Canada Launches Long-Delayed Real-Time Rail Payments System
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Payments Canada has launched the nationwide Real-Time Rail (RTR), providing banks, credit unions and payment service providers with infrastructure for instant clearing and settlement around the clock, year-round. The system supports ISO 20022 data and includes centralized anti-fraud capabilities at launch, such as payee confirmation and transaction risk scoring.
RTR brings instant clearing and settlement together with centralized anti-fraud capabilities in a single infrastructure, providing a foundation for Canadian financial institutions to develop instant payment services.
Source:Payments Cards & Mobile · paymentsindustryintelligence.com