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ARTICLE · 27 NOVEMBER 2025

The Carrot: Payments Canada Publishes Real-Time Rail Participation Guide For Payment Service Providers

Osler, Hoskin & Harcourt LLP
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Payments Canada published the "Real-Time Rail Participation Guide for Payment Service Providers" to help participants understand eligibility and requirements.

CanadaFinance and Banking
Elizabeth Sale
Elizabeth Sale
Victoria Graham
Victoria Graham
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Key takeaways

  • Payments Canada published the "Real-Time Rail Participation Guide for Payment Service Providers" to help participants understand eligibility and requirements.
  • The RTR system will allow participants to offer real-time payments, transforming Canada's payments landscape once operational.
  • New amendments to the Canadian Payments Act expand RTR access to a broader range of participants, including PSPs.
  • To become an RTR participant, PSPs must complete several steps: Retail Payment Activities Act registration, Payments Canada membership, RTR application and participant readiness for go-live.
  • RTR participants must meet comprehensive operational and technical requirements, including fraud controls, liquidity management and ISO 20022 readiness.

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