"Canada’s instant payment system, Real-Time Rail (RTR), likely won’t include any of the country’s largest banks in its first phase, BetaKit has learned.  The RTR system is meant to be an instant, always-on payment infrastructure for Canadians and their financial institutions to transfer funds. The system is under development by the national non-profit Payments Canada, which has a government-created mandate to handle the country’s payment systems. The RTR system’s rollout first phase is slated to go live in the fourth quarter of 2026."