Mastercard’s Vocalink has won the contract to build the clearing and settlement infrastructure for Canada’s new real-time payments system.
The decision comes more than 18 months after Payments Canada first picked Italian provider SIA over Vocalink and CGI for the contract.
The three rivals had made a 2017 shortlist of bidders to help develop the country’s new ‘Real-Time Rail (RTR), which is slated to go live in 2022.
Payments Canada has not explained the decision for the switch from SIA to Vocalink.
The clearing and settlement system will meet all Payments Canada requirements, including support for the ISO 20022 messaging standard, and will comply with the Bank of Canada risk management standards for prominent payment systems.
The RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. Underpinned by ISO 20022 data standard, the system will support payment information travelling with every payment and act as a platform for innovation, says Payments Canada.
Having masterminded the UK’s Faster Payments service, Vocalink has won several big contracts around the world, including with Singapore, Thailand, the Nordic P27 system, and the US bank-backed ACH The Clearing House.
Mastercard’s Vocalink business is a demonstrated leader in the real-time payments ecosystem and they will be a valuable partner for Payments Canada in the introduction and ongoing operation of Canada’s real-time payments systemTracey Black, President and CEO, Payments Canada