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ARTICLE · 05 JUNE 2025

Payments Canada Launches Consultation On RTR Bylaws, Rules And Policy

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On May 20, 2025, the Canadian Payments Association (Payments Canada) announced the launch of its public consultation (the Consultation) on the bylaws, rules and policy elements that will govern its new and long-anticipated real-time rail exchange (RTR Exchange), and clearing and settlement system (RTR C&S, and together with RTR Exchange, RTR).

CanadaFinance and Banking
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TechLex Blog
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Vanessa Johnson
Cindy Zhang
Cindy Zhang
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On May 20, 2025, the Canadian Payments Association (Payments Canada) announced the launch of its public consultation (theConsultation) on the bylaws, rules and policy elements that will govern its new and long-anticipated real-time rail exchange (RTR Exchange), and clearing and settlement system (RTR C&S, and together with RTR Exchange, RTR). RTR is expected to be completed later this year. Drafts of the RTR bylaws and rules are included in the appendices to the Consultation. The Consultation is a follow up to the previous public consultation conducted by Payments Canada in 2020.

In this bulletin, we summarize key features of RTR as outlined in the Consultation, and how businesses that have traditionally not been able to participate in Canada's payment systems may be able to do so, as Payments Canada members, through the RTR.

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