Payments Canada has announced the selection of Mastercard’s Vocalink as the clearing and settlement solution provider for the country’s new real-time payments system, the Real-Time Rail.
This announcement follows an extensive procurement process that included the Bank of Canada and the Department of Finance.
The new partnership will draw on Mastercard’s real-time payments technology to provide the infrastructure and services to support the clearing and settlement for the RTR.
According to Payments Canada, the clearing and settlement solution will meet all of its requirements, including support for the ISO 20022 messaging standard, and will comply with the Bank of Canada risk management standards for prominent payment systems.
Tracey Black, President and CEO of Payments Canada, said:
“Mastercard’s Vocalink business is a demonstrated leader in the real-time payments ecosystem and they will be a valuable partner for Payments Canada in the introduction and ongoing operation of Canada’s real-time payments system,”
“Providing Canadians and Canadian businesses with access to faster, data-rich payment options will enable innovation, support the long-term growth of the economy, and strengthen our global competitiveness.”
Canada’s new real-time payments system will consist of two components: a clearing and settlement component provided by Mastercard; and an exchange component.
Payments Canada is in the final stages of the vendor procurement process for the exchange component. A public announcement will be made in due course.
Sasha Krstic, President of Mastercard in Canada, said:
“As a company that operates real-time payments systems, across card and account rails around the world, we’ve seen first-hand how consumers, businesses, and governments benefit from the efficiency, transparency, and innovation they provide.”
“We’re proud to partner with Payments Canada to support a best-in-class, data-rich real-time payments infrastructure that provides a platform for innovation to enhance Canada’s economy.”
