Backed by Payments Canada, it’s expected to be introduced in 2022. Earlier this month, Interac Corp. was announced as the exchange solution provider for the quickened payments system.

Interac Corp. has been chosen to provide the technological backbone for a faster, more sophisticated payments system to underpin Canada’s financial sector, which is scheduled to go live next year.

A years-long delay in adopting a faster payment system, known as the Real-Time Rail, means merchants have to wait for money owed, consumers are limited in the amount they can send along electronically ...

The National System of Payment Cards (NSPC) notes difficulties in transactions processing via the Faster Payments System and is working on their closeout, the NSPC press service told TASS.

This week, Payments Canada announced plans to replace Canada's antiquated payments infrastructure with a modern, information-rich, faster payments system. Canada's financial institutions are also ...

The new payments system will allow faster payments of bills, paychecks and other transfers around-the-clock instead of days. See related article: Fed issues guidelines for crypto banks to enter ...

The effort by Payments Canada to bring in a faster payment system, known as the Real-Time Rail, is years behind schedule, leaving Canada as the only G20 country without the system in place.