Canada will soon launch its Real-Time Rail (RTR), a national payments system that enables 24/7, instantaneous transfers and payments. Industry participants are currently testing the system, which carries data while incorporating anti-fraud controls. The Retail Payment Activities Act (RPAA) gives the Bank of Canada oversight of payment service providers, which is expected to increase competition and choice. Payments Strategy & Delivery Lead at RedCompass Labs Neha Dasani, says the payments system modernization in Canada is in a pivotal phase. Interac, which is the current system, will move its system, including clearing and settlement, to the RTR platform.