Payments Canada announced the launch of its Real-Time Rail payment system on Monday, introducing infrastructure designed to let consumers and businesses send and receive money within seconds, according to reporting by Global News’ Uday Rana.

Access will depend on financial institutions adopting the system. Participation is initially limited, with some customer features not expected until 2027.

Unlike payments processed in batches, Real-Time Rail can clear and settle transactions around the clock, including weekends and holidays. Payments Canada says it will support instant transfers between a customer’s accounts at different institutions, potentially helping people pay credit card bills or fund brokerage accounts more quickly.

The Bank of Canada brought the system under its formal oversight on Monday. Governor Tiff Macklem called it “an important step in modernizing Canada’s payment infrastructure,” Global News reported.

Payments Canada says the system could also allow employers to pay workers as soon as a job is completed, rather than waiting for a scheduled payday. It identified gig workers, freelancers and contractors as potential beneficiaries. Businesses could receive customer payments immediately, while landlords and property managers could receive rent with immediate confirmation of funds.

The rollout includes fraud-related tools, according to Payments Canada, including confirmation of payee, a transaction safety score and a platform for sharing fraud reports and intelligence.

Wealthsimple said its clients would be among the first Canadians to experience instant transfers through the system. However, the company said it is still testing capabilities and plans to introduce new instant-payment features in 2027.

Royal Bank of Canada is expected to introduce Real-Time Rail in the second quarter of 2027, Global News reported. The Canadian Bankers Association said participation would expand to include many of its members across the country.

Sources