> However, many of Canada’s major banks are expected to join in as well. Royal Bank of Canada, for example, is expected to introduce RTR in the second quarter of 2027.

* https://globalnews.ca/news/12142666/real-time-rail-payments-...

Wealthsimple has 170 billion in assets under administration, while BMO, the smallest major bank, only has 310 billion. Considering WS is 100% retail, it's arguably a major financial institution at this point (though legally not a bank).

I would expect the integration into the Interac network (itself a sort of consortium of the big banks that provides a number of debit-adjacent services) will mean that adoption by the big players will be pretty quick.

They'll be in later phases, once they feel confident enough to significantly ramp up volume:

> Participants will be added to the RTR in three phases to help control the volume of transactions added to the system, with the goal of including every Canadian financial institution on the rail by mid-2027.

> The major banks – which will shift massive amounts of volume onto the RTR – are not involved in the first phase of the rollout, but will join in the second and third phases.

https://www.theglobeandmail.com/business/article-payments-ca...

Ah, this is the SEPA Instant problem. SEPA Instant was introduced a decade ago, and remained largely useless until bank support was made mandatory last year.

It is harder for major banks to update their systems for this, so it will take them a while to implement. Smaller more nimble institutions will jump on first.

Context: The Big Five Canadian banks have 90% of the market, compared to the Big Four US banks's 50% of the market.