The non-profit organization in charge of Canada’s payment infrastructure said Real-Time Rail (RTR)—a long-delayed new system that promises to facilitate near-instant financial transactions in the country—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. It was initially meant to be in place in 2019. (The Logic)

Talking point: Payments Canada said the “clearing and settlement build” is the last hurdle for the organization before testing begins. “We know the ecosystem is anticipating the launch of the RTR, and we will have further details to share in the coming months,” Jude Pinto, interim co-CEO and chief delivery officer, said in a press release Tuesday. The organization has partnered with IBM and CGI to help move the process along, the release said. It worked with IBM on Lynx, another major upgrade to Canada’s financial infrastructure that made it easier for banks to send money to each other.