[Music] [Music] hello everyone I'm Jude Pinto Chief delivery officer here at payments Canada welcome to the first in a series of videos where I will talk to you about the RTR or real-time payment system what I'd like to cover today is what the RTR is why we need it and how it will benefit Canadians the realtime rail payment system or RTR is a new piece of national payments infrastructure for Canada it's an ambitious in that it starts with an uplift to capabilities that Canadians enjoy today Canadians are already one of the most banked nations in the world and have the benefit of real-time exchange transactions that have matured through interax e transfer for the past decade plus our launch of RTR will include a conversion or an uplifted realtime clearing and settlement for E transfer one of the things that are unique about Canada's RTR is that it will launch day one with a fraud solution in addition the transactions that flow through it will be irrevocable and will have certainty in terms of clearing and settlement the system will be available 247 365 and finally the transactions themselves will be data Rich they will travel with data that will be consumable in future use cases that Canadians will find Innovative and will better the experience for both consumers and businesses for decades to come there are many many benefits of real-time payments let me break it into two broad categories first of all from a national level we know that around the world realtime payments have been the impetus of economic growth we also know that real-time payments allow for a very efficient management of liquidity and credit amongst all of the participants this allows for a continued well-managed and regulated type of ecosystem with fairly wide participation where risk is managed on behalf of all citizens and and businesses what we see around the world is innovation and that Innovation stems from you know what are all the use cases that can be invented to take advantage of always on realtime irrevocable data Rich uh type of transactions what we'll happen is existing FIS um who are participating in this space will find the enablement through technology to improve how they provide payments to their customers and our approach includes the addition of new participants in this overall regime which brings even greater solutions to the four from a consumer and a business perspective Ive in the end this means better competitive choice and better everyday experience we've learned a lot already from other jurisdictions probably fall into three buckets first of all we've learned about adoption we've learned about what is important to businesses and consumers and what's easily enabled by FIS who need to participate in the payment ecosystem we've learned about the importance of resilience and needing to design for use cases and volumes that span decades not just the first few years of involvement a big part of that involves our unique Canadian approach which is about a conversion of existing in Market Solutions and probably third is a a big theme around fraud not necessarily real time but in payments in general our own research in payments Canada tells us that in the last six months one in 10 consumers have experienced fraud and one in five businesses have experienced it it is top of mind for the entire ecosystem and cannot be ignored with the launch of a new system like RTR I am excited by the momentum that we're feeling with the RTR delivery right now we are executing within our mandate with a strong degree of support from our Regulators that includes changes to the Canadian payments act that will allow for wider participation um in the ecosystem in the future we have strong member support with collaboration happening at every level of the program and we've got great momentum happening with Team Canada as a delivery partnership all of the firms involved in this are uniquely motivated to deliver this National critical National infrastructure with renewed momentum and a sense of passion and obligation to this country so across the entire ecosystem this type of traction is palpable and in the first few months of relaunching the program and taking this track I've got to say it's been successful so far thank you all for joining me today I hope you continue to watch this video series and keep up with what's happening on RTR and other related payment systems [Music]