Payments Canada starts first phase of real-time payment system after years of delays

Payments Canada has begun the first phase of its Real-Time Rail, a national system moving money almost instantly, 24 hours a day, every day of the year. Eight institutions are in the first phase, including Wealthsimple, Questrade, Koho, Peoples Trust and Bank of America; the big banks join in later phases, with all Canadian financial institutions targeted by mid-2027. Canada is the last G7 country to launch such a system, originally planned for 2019. Fintechs can now connect directly rather than through banks. The C.D. Howe Institute estimates economic gains above $16 billion. Faster payments raise fraud risks for consumers.