Payments Canada announced last week (Nov. 12) that it had selected MasterCard’s Vocalink as the clearing and settlement solution provider for the country’s new real-time payments system, the Real-Time Rail (RTR). According to the press release, Mastercard — a CPPO member — will provide its “next-generation real-time payments technology to provide the infrastructure and services to support the clearing and settlement for the RTR.”
“Mastercard’s Vocalink business is a demonstrated leader in the real-time payments ecosystem and they will be a valuable partner for Payments Canada in the introduction and ongoing operation of Canada’s real-time payments system,” Tracey Black, President and CEO of Payments Canada, said in the press release. “Providing Canadians and Canadian businesses with access to faster, data-rich payment options will enable innovation, support the long-term growth of the economy, and strengthen our global competitiveness.” Read the full release here.
