Canada's Real-Time Rail set for testing phase
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Part of a multi-year, multi-system payments modernisation initiative, 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.
Mastercard-owned Vocalink was initially contracted with providing the clearing and settlement infrastructure, with TCS onboard as integration lead. However, after a second review of the project pushed the delivery deadline back, last year IBM Canada and CGI were brought in.
Following delays, the multi-year project now appears close to competition. In his latest update, Payments Canada chief delivery officer Jude Pinto says the RTR's technical build will be completed in weeks. This will be followed by testing for operational readiness, user acceptance, and security. However, he has not provided a go-live date.
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