Payments Canada has picked Tata Consultancy Services (TCS) as the integration lead for the country's new real-time payment system.
Payments Canada is creating a real-time payments system, called the Real-Time Rail (RTR), as part of a multi-year, multi-system payments modernisation initiative.
Expected to launch in the middle of next year, the RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. The system will also tap the ISO 20022 messaging standard to support payment information traveling with every payment
TCS has been brought in to 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 firm will work with Interac, the RTR’s exchange provider, and Mastercard’s Vocalink, the clearing and settlement solution provider.
John Cowan, chief technology and operations officer, Payments Canada, says: “Testing and deployment is a critical step in the introduction of the new real-time payment system and we’re excited to work with TCS to execute on this next step for the RTR as we help shape the future of payments in Canada.”
The RTR will join Lynx, Canada's new high-value payment system, which launched in September.