During the second day of The Payments Canada SUMMIT in Toronto, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, engaged in a fireside chat with Susan E. Hawkins, President and CEO of Payments Canada. The discussion centered on the critical role of payments modernization in driving economic prosperity for Canada.
Key Themes from the Fireside Chat
Minister Champagne outlined the key pillars of the 2026 Spring Economic Update, focusing on enhancing national productivity, security, and global competitiveness. He emphasized the importance of combating market-wide fraud and advancing payments modernization initiatives as essential engines for Canada's economic growth.
Legislative Changes and Competition
Recent amendments to the Canadian Payments Act and other payment legislation have been enacted to foster greater competition and provide Canadians with more payment choices. This increased optionality is expected to create efficiencies, drive innovation, and support business growth. The discussion reaffirmed that strengthening digital and financial infrastructure is vital for translating into real productivity gains for Canada.
The Real-Time Rail (RTR)
Minister Champagne highlighted the forthcoming Real-Time Rail (RTR) as a cornerstone of the government's modernization agenda. He committed to continued engagement with all relevant stakeholders to accelerate the development of the RTR's future capabilities. The Real-Time Rail is Payments Canada's new real-time exchange and clearing and settlement payment system, designed to support instant, data-rich payments.
"Canada's Real-Time Rail is critical national payment infrastructure that will serve as an engine for accelerated national productivity and economic growth," said Minister Champagne. "The government is committed to engaging with all relevant stakeholders to ensure the accelerated development of the RTR's future capabilities."
Susan E. Hawkins added, "Canada's Real-Time Rail will enable transformation while ensuring transactions are safe and secure. As critical national infrastructure, it will drive productivity, prosperity and safety for all Canadians, delivering significant benefits to consumers, businesses and Canada's economic well-being."
Security and Financial Crime
The conversation also addressed the importance of security within Canada's financial ecosystem. Minister Champagne shared details of ongoing government efforts to combat financial crime and fraud, including new legislation to establish the Financial Crime Agency (FCA). He stressed the need to bridge the gap between intelligence and action.
Earlier in the day, a panel highlighted progress on delivering Canada's Real-Time Rail. Payments Canada Chief Delivery Officer Jude Pinto provided an update on advancements over the past year, major milestones, and the future of real-time payment experiences for Canadian consumers and businesses.
