Canada's Real-Time Rail first phase likely to exclude Big Six banks

The first phase of Canada's Real-Time Rail instant payment system, slated for Q4 2026, likely won't include any of the country's Big Six banks, sources told BetaKit. Without the banks that settle most payments, questions remain about how useful the system will be.

• RTR's first phase is slated to go live in Q4 2026
• None of Canada's Big Six banks are scheduled for phase one
• RTR will support instant settlement of payments up to $100,000
• Canada is the only G7 country without an instant payment rail