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Plus: Toronto’s lead over other Canadian cities widens in startup ecosystem rankings – Betakit

June 3, 2024

There’s disappointment from all sides of the industry about the lag to get the Real-Time Rail payments system running. That’s what audience members at the Payments Canada Summit heard Ron Morrow, an executive at the Bank of Canada responsible for payments oversight, say Thursday.

FinTechs seeking access to RTR—once it’s live for industry testing in 2026—have to register in November with the central bank, which will supervise the companies’ regulatory compliance under the Retail Payments Activities Act. In an interview after his speech, Morrow said he’s heard from other jurisdictions that “sometimes” FinTechs aren’t used to being regulated and he’s not entirely sure what to expect come registration time, but he’s “hopeful that we’ve laid enough groundwork for folks on this.”

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