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Will Payments made Online at your bank now be Real-Time?
June 9, 2024
10:02 am
Lodown
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January 10, 2017
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Payments in Canada use the Automated Clearing Settlement System (ACSS) managed by Payments Canada. Since May 28, 2024, we have a T+1 settlement cycle for most trades in securities. So what about online Bill payments made through banks. Are these now, or soon to be, real time? This website alludes to it.

https://www.synpulse.com/en/insights/the-future-is-now-real-time-payments-in-canadas-financial-sphere

Edit: Many consumer benefits to RTP but it seems Canada will delay and delay and....
https://www.forbes.com/sites/rociowu/2023/04/20/there-are-gaps-in-the-us-real-time-payment-system-who-will-fill-them/

June 9, 2024
11:32 am
NorthernRaven
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This Payments Canada "Q3 2023 Delivery Roadmap" doesn't really say much, and there never seemed to be the promised "Q1 2024" update. I wouldn't expect anything anytime soon. There's going to be a lot of technical stuff that has be designed to work right, and I'm sure the banks, existing card and payment networks and new fintech people are all fighting over turf and disruption.

June 10, 2024
10:45 am
Norman1
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There is an update April 16 at Canada's Real-Time Rail program resumes with renewed momentum:

… said Jude Pinto, Co-CEO (Interim) and Chief Delivery Officer, Payments Canada. “The last component of the RTR, the clearing and settlement build, will continue through 2024 prior to initiating testing of the new system through 2025 and into industry testing in 2026. We know the ecosystem is anticipating the launch of the RTR, and we will have further details to share in the coming months.” …

I see little justification in real-time rail for bill payments. Doesn't matter to utilities and other billers if the bill payment shows up next morning instead of in 10 seconds.

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