Canada is in its closing stages of vendor ownership for the exchange feature

Mastercard’s company will power real-time payments in Canada . Source: unsplash.com

Mastercard’s Vocalink will be the solution provider for clearing and settlement in Canada’s recent real-time emolument plan, the Real-Time Rail (RTR).

The Bank of Canada and the Department of Finance were involved in a comprehensive procurement operation before this announcement was made.

Operated by Payments Canada and regulated by the Bank of Canada, the RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.

Underpinned by the ISO 20022 data standard, the system will support payment information traveling with every payment and act as a platform for innovation, enabling the introduction of new and enhanced payment products and experiences.

The RTR is expected to launch in 2022.

We’ve reported that Mastercard and Singaporean fintech Atlantis?announced?the expansion of the Digital First Program across India.

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