Canada launches the Real-Time Rail, bringing 24/7 payment infrastructure to the national economy

Payments Canada launched Canada's Real-Time Rail (RTR), a new national payment system enabling instant clearing and settlement of payments 24/7. The system is projected to generate $14.5 billion in cost savings and $16-27 billion in economic gains. Initial participants include Wealthsimple, Questbank, Peoples Trust Company, Paramount Commerce, KOHO, DoBusiness.com, Digital Commerce Bank, and Bank of America Canada, with major Canadian financial institutions expected to join within the first year.