EU has been down this road with SEPA Instant Credit Transfer since 2017. Two lessons from that rollout worth watching for Canada:

1. Reachability matters more than speed — SEPA Inst was technically live years before most PSPs actually supported it. A real-time rail no-one connects to is just a slower rail with marketing.

2. ISO 20022 as the message format was the right call but underestimated operationally. Smaller banks and PSPs still struggle with the schema's flexibility — same transaction encoded two different "valid" ways is a real integration tax. Canada using 20022 from day one is smart; publishing strict usage guidelines beats expecting consensus.