Finance

Shift to faster payment system in Canada years behind schedule – National

Trains aren’t the only place Canada lags on high-speed rail, as the effort to bring in a faster payment system, known as the Real-Time Rail, is years behind schedule.

As an example, if you paid a bill online on the Thursday evening before the Easter long weekend, the payment might not be processed until Monday.

A modernized system would mean payments go through near-instantly, 24 hours a day, bringing along billions of dollars of benefits, according to an estimate from the C.D. Howe Institute.


Click to play video: 'Business Matters: Canadians increasingly reliant on credit card debt to make ends meet'


Business Matters: Canadians increasingly reliant on credit card debt to make ends meet


Getting the new system up and running will be the highest-profile task of the next CEO of Payments Canada as Tracey Black, who has run the organization since 2018, officially stepped down at the end of her term Monday.

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Payments Canada CFO Kristina Logue and chief delivery officer Jude Pinto have been named co-CEOs on an interim basis until a successor is named.

The organization, founded by Parliament but funded by industry, owns and operates Canada’s payment systems, last year clearing and settling over $112 trillion.

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