Payments Canada announced the selection of Tata Consultancy Services (TCS) as the integration lead for Canada's real-time payment system, the Real-Time Rail (RTR). TCS will help plan and orchestrate activities with industry stakeholders relating to the integration of the components of the RTR and the deployment of the new system. The partnership will leverage TCS's knowledge of the Canadian payment industry and experience with large payment initiatives.

TCS will work with Interac, the RTR's exchange provider, and Mastercard's Vocalink, the clearing and settlement solution provider, to ensure a successful delivery. Operated by Payments Canada and regulated by the Bank of Canada, the RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. Leveraging the ISO 20022 global financial message standard, the system will support payment information traveling with every payment.

The RTR is expected to launch in mid-2023. The RTR is a fundamental part of Payments Canada's multi-year industry program to modernize the infrastructure, rules and standards that underpin payments in Canada.