Canada Launches Real-Time Rail for 24/7 Payments
By PYMNTS
AI summary of the source article
Canada has officially launched its Real-Time Rail, introducing around-the-clock payment infrastructure. The system utilizes the ISO 20022 messaging standard to support richer transaction information and faster money movement.
Why it matters
The system is "designed to accelerate money movement, improve cash flow management and give financial institutions and payment providers a platform for developing new services."
Key facts
- Canada officially launched its Real-Time Rail on Monday (Nov. 9).
- The infrastructure operates around the clock to accelerate money movement and improve cash flow management.
- The system uses the ISO 20022 messaging standard to support richer transaction information.
Source excerpt · PYMNTS
Canada has officially launched its Real-Time Rail Monday (Nov. 9), introducing around-the-clock payment infrastructure designed to accelerate money movement, improve cash flow management and give financial institutions and payment providers a platform for developing new services. The system uses the ISO 20022 messaging standard to support richer transaction information and is designed to give busi…