TCS to transform Payments Canada’s payments system

Tata Consultancy Services (TCS) said on Monday that it has entered into a partnership with Canada’s largest payment organisation, Payments Canada, to transform its payment system operations and help in the implementation of the Real-Time Rail (RTR). RTR is a new real-time payments system that will allow Canadian users to initiate payments and receive irrevocable funds in seconds, any time of the day.

RTR will offer Payments Canada members new ways of paying and getting paid in real-time. It will provide a faster alternative to other payment options, and a new way to pay for  goods and services, and transfer money, the company stated.

The company said that it will leverage its knowledge of the Canadian payments industry and extensive experience in designing and implementing large payment systems in order to help Payments Canada implement RTR.

TCS’ solutions around quality engineering and participant engagement will also be handy in the deployment of RTR.

John Cowan, Chief Technology & Operations Officer, Payments Canada, said, “With three decades of experience in delivering market infrastructure solutions, TCS will be a valuable partner in the delivery of the Real-Time Rail. Testing and deployment is a critical step in the introduction of the new real-time payment system and we’re excited to work with TCS to execute on this next step for the RTR as we help shape the future of payments in Canada.”

“This reinforces our commitment to play a key role in developing critical components of the national financial infrastructure, helping propel Canada to the forefront of digital innovation,” said Manmeet Chhabra, Business Unit Head, Financial Services – Canada, TCS.

Before this, TCS had delivered market infrastructure solutions in 25 countries and modernised complex payment engines for global banks. TCS’ payments clients include national payment system operators, central regulators, security exchanges, custodian firms, brokerage firms, payment card schemes, global card issuers and card acquirers, device manufacturers, global money transfer organisations and fintechs.

Payments Canada is a public purpose organisation that owns and operates Canada’s payment systems, including Lynx and the Automated Clearing Settlement System (ACSS). In 2021, Payments Canada’s systems cleared and settled over $135 trillion – more than $539 billion every business day.

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