Canada’s transition to a faster payments system is years behind schedule – National

Rail is not the only area Canada is lagging behind in high-speed rail, as efforts to introduce a faster payment system known as real-time rail are years behind schedule.

For example, if you pay your bill online on the Thursday night before the Easter long weekend, your payment may not be processed until Monday.

The CD Howe Institute estimates that a modernized system would allow payments to be made almost instantly, 24 hours a day, resulting in billions of dollars in profits.

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Business issues: Canadians are increasingly relying on credit card debt to make ends meet

Getting the new system up and running will be a top priority for Canada Payments’ next CEO, as Tracy Black, who has run Canada Payments since 2018, officially stepped down at the end of her term on Monday. The mission will be to

Payments Canada CFO Kristina Logue and Chief Delivery Officer Jude Pinto have been appointed interim co-CEOs until their successors are named.

The organization, created by Parliament and funded by industry, owns and operates Canada’s payment system, which processed more than $112 trillion in payments and settlements last year.