Payments compliance by-law expanded to cover the new Real-Time Rail (RTR) payment system

Plain-language summary · AI-assisted · not legal advice

Canada's payments compliance framework has been updated to bring the Real-Time Rail (RTR) system explicitly within its scope. The definition of 'clearing member' now includes institutions that exchange payment items through the RTR system—not just the existing Automated Clearing Settlement System (ACSS). As a result, clearing members that sponsor non-members in the RTR system are now formally responsible for ensuring those non-members comply with applicable by-laws and rules, just as they already were for ACSS. Non-members participating in the RTR through a clearing member should confirm that their clearing member has reviewed and accepted this expanded compliance obligation. Financial institutions acting as clearing members in the RTR should review their agreements and oversight procedures with any non-member clients to reflect this added responsibility.

Who this affects: clearing members of the Canadian Payments Association · financial institutions participating in the Real-Time Rail system · non-member locals sponsored by clearing members · payment system compliance officers