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Wealthsimple is first to get the Real-Time-Rail system in Canada

Updated: Dec 1, 2022

Wealthsimple is first to get the Real-Time-Rail system in Canada

Wealthsimple has been approved by the Bank of Canada to become the first fintech (non-bank or credit union) to process direct settlement transactions when the Real-Time-Rail system launches in Canada.

"This approval is significant for a few reasons but the most important reason is that it will mean more choice, more competition and better payment and financial service products for Canadians." said Hanna Zaidi, Chief Compliance Officer at Wealthsimple.

The news comes following Payments Canada's decision to push back the launch of the Real-Time-Rail (RTR) payment system, slowing down the rollout of open banking in Canada. The original launch of RTR in Canada was set for 2022 and subsequently pushed to mid 2023 until being postponed indefinitely last week.

Nevertheless, Wealthsimple's approval for direct settlement by the Bank of Canada shows a commitment towards Open Banking and Open Finance in Canada.

"Approval is monumental for our business but beyond that, will change the landscape of financial services in Canada. This decision helps level the playing field with incumbents.", Michael Katchen, CEO of Wealthsimple.

What this means for ReInvestWealth

ReInvestWealth is closely monitoring the direct settlement situation in Canada. Although the rollout of RTR has been postponed indefinitely, we are continuing to build products and solutions for business owners to take advantage of new technologies such as the Real-Time-Rail system when launched. We congratulate Wealthsimple on this historic opportunity to change personal finance again.

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