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Mastercard to help Canada build its new real-time payments rails

November 16, 2020

Payments Canada, the body which operates Canada’s current payment clearing and settlement system, intends to oversee a revamp under the project name Real-Time Rail (RTR).

Both the Bank of Canada and the country’s finance department were involved in the more than year-long procurement process leading up to the deal.

RTR will be underpinned by the new ISO 20022 payments messaging data standard, which countries and firms globally are in the process of adopting.

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