Canada is also falling behind on high-speed rail, as the effort to introduce a faster payment system, known as the Real-Time Rail, is years behind schedule.
For example, if you paid a bill online on the Thursday evening before the Easter long weekend, the payment might not be processed until Monday.
An updated system would result in payments going through almost immediately, 24 hours a day, bringing billions of dollars of benefits, according to an estimate from the C.D. Howe Institute.
Installing the new system will be the main task for the next CEO of Payments Canada, as Tracey Black, who has led the organization since 2018, officially stepped down at the end of her term on Monday.
Payments Canada CFO Kristina Logue and chief delivery officer Jude Pinto have been appointed co-CEOs on an interim basis until a successor is named.
The organization, established by Parliament but funded by industry, owns and operates Canada’s payment systems, last year clearing and settling over $112 trillion.
