“All of us are disappointed this initiative has yet to be completed,” said Ron Morrow, the Bank of Canada’s executive director of payments, at the Payments Canada Summit in downtown Toronto Thursday. (The Logic)

Talking point: The Real-Time Rail—a new system that promises to facilitate near-instant financial transactions—was initially meant to be implemented in 2019, but has faced repeated delays. In April, Payments Canada, a non-profit organization in charge of Canada’s payments infrastructure that is supervised by the Bank of Canada and the Department of Finance, announced it is still under construction, will not begin its testing phase until 2025 and won’t be ready for testing by the industry until the year after that. The Real-Time Rail is important to Canada’s economic progress, Morrow told the audience. In an interview afterwards, Morrow said he has a message for fintechs frustrated by the system’s continued delays: “Don’t lose hope. It is going to happen.”