Skip to content
Bank of America, DCBank, Element Financial (which operates as Paramount Commerce), Koho, Peoples Trust, Questbank, uSecure Escrow (which operates as DoBusiness.com) and Wealthsimple can now offer products that make use of the long-awaited instant payments system. (The Logic)
Talking point: The Real-Time Rail (RTR) has finally launched, after more than a decade of delays and pushback from incumbents, who could lose out on transfer fees and face greater competition from fintechs. The phased rollout, however, means its functionality will be narrow at first. Canada’s Big Six banks hold about 93 per cent of all banking assets, which means any payment tool that can’t connect to them will have limited reach. In an emailed statement, Payments Canada chief payments officer Donna Kinoshita said the RTR should serve more than nine in 10 Canadian bank accounts by the third quarter of 2027. Canadian Bankers Association spokesperson Ethan Teclu said in an email that the lobby group supports the RTR and Payments Canada’s phased approach to implementing it.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
Canada’s Arctic defence push is overwhelming communities in the North
Briefing
Real-Time Rail launches with first group of participants—and no big banks
Enbridge says Pathways and other pipeline projects still hinge on final energy deal
Brookfield’s Teskey says AI infrastructure needs ‘social licence’ as firm raises US$25B
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
