Friday, May 20, 2022

Payments Canada and TCS partner to implement modernized payments system for Canadians

Tata Consultancy Services (TCS) and Payments Canada are partnering to help implement the Payments Canada Real-Time Rail (RTR) system, allowing Canadians to initiate payments and receive funds in seconds, at any time.

“With three decades of experience in delivering market infrastructure solutions, TCS will be a valuable partner in the delivery of the Real-Time Rail. 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,” said John Cowan, chief technology and operations officer of Payments Canada.

The partnership will combine TCS’s knowledge of the Canadian payment industry and its experience with large payment initiatives. TCS will collaborate with Interac, the RTR’s exchange provider, and Mastercard’s Vocalink.

RTR will allow Payments Canada members to offer new ways for Canadians and businesses to make and receive irrevocable payments in real-time, and to make use of rich payment data. It will provide a quicker option to less efficient payment options and even support last-minute payments. It is operated by Payments Canada and regulated by the Bank of Canada.

The RTR is a part of Payments Canada’s multi-year industry program to modernize the rules and standards that underpin payments in Canada. It is expected to launch in mid-2023.

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Jim Love, Chief Content Officer, IT World Canada
Samira Balsara
Samira Balsara
Samira is a writer for IT World Canada. She is currently pursuing a journalism degree at Toronto Metropolitan University (formally known as Ryerson) and hopes to become a news anchor or write journalistic profiles. You can email her at sbalsara@itwc.ca

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