Payments Canada, Mastercard partner to use Vocalink for Canada's Real-Time Rail

This announcement follows an extensive procurement process that included the Bank of Canada and the Department of Finance. The partnership will draw on Mastercard’s expertise, and its next-generation real-time payments technology to provide the infrastructure and services to support the clearing and settlement for the RTR. The clearing and settlement solution will meet all Payments Canada requirements, including support for the ISO 20022 messaging standard, and will comply with the Bank of Canada risk management standards for prominent payment systems, according to the official press release.

Operated by Payments Canada and regulated by the Bank of Canada, the RTR will allow Canadians to initiate payments and receive irrevocable funds. Underpinned by the ISO 20022 data standard, the system will support payment information travelling with every payment and act as a platform for innovation, enabling the introduction of new and enhanced payment products and experiences. The RTR is expected to launch in 2022.