In recent years, Canadian fintechs have made significant strides in innovative solutions and services, spurred by advancements in technology and increased demand for more accessible and user-friendly financial services. However, to stay ahead of the curve and meet consumer and business demands, the Real-Time Rail (RTR) is essential for fintechs to remain competitive and bring new innovations to the market.
According to Payments Canada, RTR is a payment system that supports instant, data-rich payments. This technology allows for funds to be transferred in real-time, with money accessible immediately. RTR will be a valuable tool for the success and innovation growth of fintechs in Canada, especially when it comes to speed and settlement.
With the emergence of high-growth markets such as online gaming and digital commerce, customers are demanding more diverse payment solutions and services that are quick and transparent. This is where RTR will be a game-changer. Payment solutions that support RTR will allow iGaming and sports betting consumers to instantly fund their gaming wallets and withdraw their winnings in real-time, without having to wait a few days to access their funds. Not only will consumers benefit from a seamless payment journey, but operators will also profit from increased customer satisfaction and loyalty.
Apart from speed, RTR will also provide important data that is coupled with the transaction. Data-rich payments, with the addition of account numbers, will allow businesses such as Paramount Commerce to effect a new way of payments using information they already have. Data will also simplify processes, improving traditional practices such as payment reconciliation. On the consumer side, RTR will help consumers better understand their transactions–consumers will be able to see, in real-time, detailed information about any charges or transactions made in their account(s). This way, consumers will exactly know where their money goes and where it comes from.
Overall, with RTR, fintechs will be able to create innovative payment solutions and services that will offer instant payment options, which are essential for meeting the demands of consumers, especially in growing markets. Overall, fintech companies that adopt RTR will undoubtedly have a competitive advantage in the market and will be better positioned to capitalize on the opportunities presented by the financial industry in Canada.
Also, we would like to share that the Paramount Commerce team will be attending The 2023 Payments Canada Summit happening from May 3–5, 2023 at the Beanfield Centre in Toronto. Come and chat with our team about our innovative payment solutions, open banking, real-time rails, embedded finance, and much more. Get in touch with us: LINK