“Canada is in the midst of a trade war, and it must do everything it can to insulate itself from outside economic threats,” says Geoff Rush, partner and national industry leader for financial services at KPMG in Canada. “We have an opportunity to advance our competitive position by modernizing one of our largest industries – financial services.”
Canada is developing two major digital infrastructure projects. Real-Time Rail (RTR) is a new national payment network allowing instant, 24/7 payment clearing and settlement between financial institutions, while open banking will allow consumers to securely share their financial data with financial institutions and fintechs, gaining better visibility and control over their finances.
Both projects have been delayed for years — but momentum is building. Open banking legislation passed in 2024, with a federal framework expected in 2025. RTR’s technical build wraps up in July, followed by a year of testing.
“Digital infrastructure advancements like the real-time rail and open banking will foster more competition, enable innovation, promote financial inclusion, and drive more growth and investment in Canada. We must seize this opportunity now, or we will fall behind,” Rush urges.
Almost two thirds of business leaders agree that open banking, digital ID, and RTR are foundational to a more resilient and inclusive economy.
