Payments Canada is to conduct a second review of its proposed Real-Time Rail (RTR) payments system, pushing the delivery deadline for the troubled project further into the future.
The payments body says current delivery delays, "unrelated to the exchange technology components", are impacting the launch date of the RTR.
To get to the bottom of the issues, Payments Canada is to undertake a new three-month investigation into the risks identified in the delivery of the RTR.
Earlier this year, Payments Canada engaged a third party to review delivery assurance, with a focus on programme management, people and process. This review completed in Q1 and recommended additional testing and investments to ensure ongoing operations once the RTR system goes live.
Part of a multi-year, multi-system payments modernisation initiative, RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. The system will also tap the ISO 20022 messaging standard to support payment information traveling with every payment.
Payments Canada is working with several vendors on the project, with Mastercard-owned Vocalink building the RTR clearing and settlement infrastructure, local debit network Interac acting as the exchange solution provider, and TCS onboard as integration lead.
Payments Canada says it recognises that timelines have shifted since the RTR program was launched and acknowledges the implications of delays to the payment ecosystem.