Canada’s forthcoming Real-Time Rail payment system, which is designed to support instant payments, has been stalled again as Payments Canada pursues a review of “risks identified in the delivery of the RTR,” the non-profit organization, which reports to the government, announced Tuesday. Payments Canada said it will provide an action plan after conducting the review, which it said will take approximately three months. (The Logic)

Talking Point: The payments system was originally expected to go live in mid-2019 but after a series of delays was most recently scheduled for June 2023. In October, the RTR was postponed again to “validate and test the components and end-to-end integration” of the system. Fintechs are keen to get the payments system up and running. As The Logic reported last year, incumbents in the financial services industry have been slowing its progress and still largely control the direction of Payments Canada, despite legislative reforms which give the organization a majority-independent board and a mandate to create public infrastructure.