As Canada prepares to launch Real-Time Rail (RTR), leaders from Citi, JP Morgan, Bank of America, Symcor and Digital Commerce Group examined where value will emerge first, and what it will take to turn real-time payments into real-world adoption.
During the Powerhouse Debate at Open Banking Expo Canada 2026, moderator Reuben Piryatinsky, chief executive officer of Altitude Consulting, heard from the panellists that while RTR represents a significant step forward for Canada’s payments infrastructure, adoption will not be immediate or uniform.
Geetha Premraj, head of global real-time payments product delivery at JP Morgan, highlighted that uptake varies significantly across markets, influenced by factors such as existing payment behaviours, regulatory frameworks and competitive dynamics.
“With Canada being a card-heavy market like the US, adoption would be most probably business-driven rather than consumer-driven,” Premraj told attendees.
“Some of the top use cases that we see are merchant payouts, wallet withdrawals, instant payroll, vendor payments, on the payout side. And on the pay-in side, it’s merchant collections, and then instant brokerage transfers, bill pay, and funding wallets. And, of course, all of these are potential use cases for Open Banking as well.”
Pamela Draper, president of Digital Commerce Group, reinforced this point, noting that consumers are largely indifferent to the underlying payment rail.
“We care about the speed and the cost,” she noted. “And I think that’s the really relevant point for the builders. When you’re thinking about building on the Real-Time Rail, how do you build a really great consumer experience so that consumers within your app, or using your payment product, will want to use RTR.”
The panel also highlighted the importance of understanding Canada’s current payments landscape. With Interac e-Transfer already widely used, RTR must offer distinct advantages to justify adoption. Higher transaction limits, improved fraud capabilities and lower costs were cited as potential differentiators.
Beyond domestic use cases, international experience offers valuable insight. Mohneet Gujral, Canada head of payments at Citibank, pointed to markets such as the UK and Brazil, where adoption has followed different trajectories depending on local conditions.
“If you look at Brazil, you had high card penetration, but the merchant acceptance was uneven and there was a young demographic population, which found adoption easy,” he said.
While real-time payments have grown significantly, they have not always displaced existing methods immediately, suggesting that Canada’s adoption curve may be gradual.
A recurring theme throughout the session was the importance of use cases. Kashif Siddiqui, head of innovation, global payments solutions at Bank of America, noted that in many markets, adoption has been driven not by the rail itself, but by specific applications that solve real problems. Examples such as instant wallet funding, cryptocurrency cash-outs and peer-to-peer payments have historically accelerated uptake.
Driving behaviour change
Adoption of RTR will require changes in behaviour across businesses, merchants and consumers.
Panellists agreed that cost, speed and user experience will be the primary drivers.
However, these factors must be clearly communicated. Education will play a critical role, particularly in helping businesses understand how real-time payments can improve liquidity, reduce reconciliation challenges and enhance financial planning.
Premraj emphasised that instant settlement provides immediate access to funds, which can significantly improve working capital management for businesses. For example, payroll processes that currently require funds to be held days in advance could be executed in real time, freeing up capital.
At the same time, liability and dispute management present new challenges. Unlike card payments, where chargeback mechanisms are well established, real-time payments are typically final once processed. This shifts responsibility toward merchants and requires greater clarity around recourse and consumer protection.
Siddiqui noted: “I think it’s important, as these rails evolve and are proliferating, that there’s that appropriate level of education. And not only at the consumer level, also at the corporate level.”
Fraud, trust and infrastructure
The move to real-time settlement also transforms the risk landscape.
“Real-time settlement means that your window to detect fraud is down to seconds in comparison to what was previously days. And that changes the liability conversation. That changes the risk management conversation,” said Piryatinsky.
This requires a shift from reactive to proactive fraud prevention, supported by high-quality data and advanced analytics, according to Gujral.
Ivan Welsh, head of product strategy and development at Symcor, said: “I am incredibly proud of how Canada’s baked fraud right into our RTR strategy from the get-go. I think it’s such a good lesson learned from other jurisdictions, but I think it’s just the start
“I really think that if we’re going to defeat fraud across the board, including Real-Time Rail, there has to be a lot more collaboration in the ecosystem.”
Effective fraud prevention will depend on combining data from multiple sources, including financial institutions, telecom providers and technology platforms.
Trust was identified as a critical factor. Even isolated fraud incidents could have a disproportionate impact on adoption if they undermine confidence in the system.
Open Banking and RTR: Complementary forces
The relationship between Open Banking and RTR was another key area of discussion.
Rather than competing priorities, the two are expected to reinforce each other. Open Banking enables account access and data sharing, while RTR enables instant movement of funds. Together, they support use cases such as Pay by Bank, which could offer merchants a lower-cost alternative to card payments.
Gujral pointed to the UK as an example, where the introduction of Open Banking accelerated real-time payment adoption by enabling new payment initiation models.
However, the panel cautioned that complexity is increasing. Organisations must navigate multiple technologies, including Open Banking, real-time payments and emerging models such as digital currencies, often with limited resources.
Build, partner or both?
Panellists repeatedly emphasised the importance of partnerships. Rather than building full capabilities internally, many organisations are expected to rely on partners to accelerate time to market and manage operational complexity.
Draper outlined different approaches, ranging from fully outsourced models to direct participation supported by third-party technology. The right approach, she noted, will depend on each organisation’s priorities, resources and long-term strategy.
At the same time, speakers encouraged a pragmatic approach. Rather than attempting to solve everything at once, organisations should focus on specific use cases, test them in market and build from there.
This “minimum viable product” approach was suggested as a way to generate momentum and reduce risk, particularly in a rapidly evolving environment.
Further reading: Fraud is evolving: Are Canadian businesses keeping up?
