TORONTO, May 06, 2026 – Canada’s federal government is doubling down on its commitment to modernizing the nation’s payment infrastructure, with the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, underscoring the critical role of the forthcoming Real-Time Rail (RTR) in driving national productivity and economic prosperity. Speaking at The Payments Canada SUMMIT on day two, Minister Champagne engaged in a compelling fireside chat with Susan E. Hawkins, President and CEO of Payments Canada, highlighting the strategic importance of these initiatives.
The discussion, part of a session titled ‘Canada Strong for All,’ delved into key pillars of the 2026 Spring Economic Update, which prioritize national productivity, security, and global competitiveness. A central theme was the imperative to combat market-wide fraud and accelerate payments modernization as a fundamental engine for Canada’s economic expansion. Recent legislative adjustments, including changes to the Canadian Payments Act, have been enacted to foster greater competition within the payments sector, aiming to expand payment choices for Canadians, enhance efficiencies, stimulate innovation, and support business growth. This legislative framework is designed to fortify Canada’s digital and financial infrastructure, translating directly into tangible productivity gains across the economy.
Real-Time Rail: A Cornerstone of Modernization
Minister Champagne specifically identified the Real-Time Rail as a cornerstone of the government’s ambitious modernization agenda. He reiterated the government’s dedication to continuous engagement with all relevant stakeholders to ensure the swift development and full realization of the RTR’s future capabilities. The Real-Time Rail, as defined by Payments Canada, represents a new real-time exchange and clearing and settlement payment system engineered to facilitate instant, data-rich payments.
‘Canada’s Real-Time Rail is critical national payment infrastructure that will serve as an engine for accelerated national productivity and economic growth,’ stated Minister Champagne during the summit. He further affirmed, ‘The government is committed to engaging with all relevant stakeholders to ensure the accelerated development of the RTR’s future capabilities.’
Echoing this sentiment, Susan E. Hawkins emphasized the transformative potential of the RTR. ‘Canada’s Real-Time Rail will enable transformation while ensuring transactions are safe and secure,’ Hawkins remarked. She added, ‘As critical national infrastructure, it will drive productivity, prosperity and safety for all Canadians, delivering significant benefits to consumers, businesses and Canada’s economic well-being.’
Enhancing Security and Combating Financial Crime
Beyond efficiency and innovation, the fireside chat also addressed the paramount importance of security within Canada’s financial ecosystem. Minister Champagne detailed the government’s ongoing efforts to counter financial crime and fraud, which include new legislation aimed at establishing a dedicated Financial Crime Agency (FCA). This initiative is designed to bridge the existing gap between intelligence gathering and actionable responses, strengthening the nation’s defenses against illicit financial activities.
The broader Payments Canada SUMMIT provided a platform for comprehensive updates on the RTR’s progress. Earlier in the day, Jude Pinto, Payments Canada Chief Delivery Officer, presented an overview of the significant advancements made over the past year. Pinto highlighted major milestones achieved and outlined the future trajectory of the real-time payment experience for both Canadian consumers and businesses, signaling a clear path forward for the national infrastructure.
The unified message from the summit underscores a strategic, collaborative approach to payments modernization. By strengthening digital infrastructure, fostering competition, and prioritizing security, Canada aims to solidify its position as a globally competitive economy, ensuring that the benefits of an advanced payment system are realized by all its citizens and enterprises.
