Hacker News new | past | comments | ask | show | jobs | submit
lbrito | on: Payments Canada announces launch of Canada's Real-Time Rail (RTR) payment system
I couldn't find this info in the release, but I assume account information and transactions go through the Bank of Canada? That's how the closest analogy, Brazil's Pix, works.
id34 | parent
RTR is owned and run by Payments Canada, which is a crown corp that also runs Lynx (large value transfer system) and ACSS (cheque clearing system.) PayCan itself is overseen by the Minister of Finance, but there is Bank of Canada oversight (risk and prudential) of the key designated systems RTR, Lynx, ACSS under the Payment Clearing and Settlements Act (PCSA)
lytfyre | root | parent | next
For those unfamiliar with the term, a "Crown Corp" is a private company, but wholly owned by the government. It's not an unusual structure here, the BoC is itself a Crown Corp.

To contrast, Interac, the system used for canadian debit and person to person transfers, is a private company, with ownership by the banks.

lbrito | root | parent | next
I thought it was a crown corp too, but I don't think it is: https://www.canada.ca/en/treasury-board-secretariat/services...

If you look at their "about us" section, they just say they are "a corporation". https://www.payments.ca/about/who-we-are Although they were created by a law (Canada Payments Act) and have a public mandate:

Payments Canada has formed a critical part of Canada’s financial market infrastructure for over four decades. The Canadian Payments Association was created by the Canadian Payments Association Act in 1980, now known as the Canadian Payments Act (CP Act).

loading story #50429836
loading story #50428742
NikolaNovak | root | parent
It's a niggle upon a niggle but I do not believe payments Canada is formally a crown corporation. It's primarily a member consortium / industry governance body, though to be muddied further, Minister of Finance does have some oversight responsibilities / accountability.

I always viewed it as one of the "we will govern and regulate ourself so government doesn't fully have to" bodies, but I'm an outsider so happy to be corrected :).