# Real-Time Rail is live. Wealthsimple and KOHO are in the first wave; the big banks aren't

> Canada's instant payment system launched today with eight participants. Here's who they are, what the new fraud checks do, and when everyone else joins.

- Published: 2026-11-09T12:55:00.000Z
- By: The Circuit Staff
- Type: News
- Topics: Fintech
- URL: https://thecircuit.ca/posts/2026-11-09-real-time-rail-live-first-eight/

Canada's instant payment system is officially running. Payments Canada [announced the launch of the Real-Time Rail](https://www.payments.ca/canada-launches-real-time-rail-bringing-247-payment-infrastructure-national-economy) (RTR) this morning. Banks, credit unions and payment companies connected to it can clear and settle payments for their customers in real time, 24 hours a day, every day of the year.

As expected, the first wave is small, and it's led by fintechs.

## Who's on it today

Payments Canada lists eight institutions in the initial cohort of active participants:

- Wealthsimple
- KOHO
- Questbank (Questrade Financial Group)
- Peoples Trust Company
- Paramount Commerce
- DoBusiness.com
- Digital Commerce Bank
- Bank of America

None of the Big Six banks is on the list. They "will join in the second and third phases," [the Globe and Mail reports](https://www.theglobeandmail.com/business/article-payments-canada-launches-real-time-rail-system/), with a goal of every Canadian financial institution on the rail by mid-2027. Payments Canada says the system will reach more than nine in 10 Canadians within its first year.

Wealthsimple CEO Mike Katchen said in the release that the company is "proud to be among the first institutions to join." Neither Wealthsimple nor KOHO has said yet exactly which features use the new rail, so check your app before assuming a transfer will land instantly.

## Fraud checks built in

Payments Canada says Canada is the first G7 country to launch real-time payments with [mandatory central fraud services](https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system/fraud-services) from day one. That matters, because instant payments are also instant for scammers. The services include:

- **Confirmation of payee:** you can check that the account you're paying belongs to who you think it does before you hit send. It's available for consumer accounts at launch.
- **A safety score:** every transaction gets a real-time fraud risk score before it's authorized.
- **A shared risk list:** participants can flag accounts linked to confirmed fraud.

## The bigger picture

The rail was built with CGI, Deloitte Canada, IBM Canada and Interac, and the Bank of Canada oversees it. Payments Canada cites a [C.D. Howe Institute estimate](https://cdhowe.org/publication/update-on-cost-savings-from-the-rtr/) of up to $14.5 billion in cost savings from the launch features alone. Our [explainer from Friday](https://thecircuit.ca/posts/2026-11-06-real-time-rail-launch/) covers what the system is and why it took a decade.

**Why it matters:** If you bank with one of the first eight, instant payments at any hour could arrive soon, once your provider switches on features that use the rail. If you're with a big bank, expect to wait until some point in 2027. Confirmation of payee is the feature to watch: it's a direct check against scams that trick you into paying the wrong account.