Removing real-time complexity: why Iliad Solutions is an essential partner for RTR adoption

Canada’s soon-to-launch Real-Time Rail (RTR) system will transform the nation’s payments landscape, with its promise of instant and seamless user experiences.

However, adopting RTR isn’t simply about connecting to another network; it’s about integrating a business-critical system into an already complex ecosystem. Financial institutions will need to do this quickly, safely, and reliably, while ensuring a tangible commercial return.

Fortunately, Canada’s businesses are well versed in intricate connections, thanks to decades of working with external systems such as Mastercard, Visa, and SWIFT – and internal systems, both legacy and new, which support diverse touch points like mobile apps and web platforms.

Nonetheless, businesses should be aware that the introduction of RTR will add another layer of complexity, requiring companies to significantly extend their testing reach and capabilities.

The process of onboarding to a new payment rail involves several crucial steps: from initial prototyping and sandbox testing to hardening systems, pre-certification, certification, and finally, business release. Throughout this journey, ensuring resilience and conducting rigorous stress testing will remain a top priority.

Financial institutions will also need to assess whether their existing testing methods can keep pace with the exponential increase in combinations and endpoints within this complex web. Indeed, those who still rely on manual testing might experience expensive bottlenecks that hinder speed to market and introduce unacceptable levels of risk.

This is where proven technology designed for the intricacies of real-time payments becomes essential. Iliad Solutions’ t3 software is specifically built to address these challenges with its role as a flexible “actor” within the testing ecosystem.

t3 can effectively pretend to be either the bank or the scheme, simulating diverse scenarios across all touch points and systems. This unique capability allows financial institutions to test their connections and processes comprehensively, regardless of their role in the transaction flow. Here’s how we help…

Myriad benefits: test and certify RTR with confidence

At the heart of Iliad’s offering is our flagship t3 software, a comprehensive and modern platform specifically designed for testing and certifying modern payment systems, offering numerous benefits and features:

1. The software enables comprehensive test coverage across all facets of the RTR system, ensuring that every component functions flawlessly and in accordance with Payments Canada’s specifications.
2. t3 provides robust support for API calls, which form the backbone of the RTR system, facilitating smooth communication and interoperability.
3. t3’s powerful simulation capabilities allow banks to rigorously test various payment scenarios, including peak volumes, error conditions, and edge cases, in a safe and controlled environment. This proactive approach helps identify and resolve potential issues before they can impact live operations.
4. The software’s automation features significantly streamline the testing process, reducing manual effort and accelerating the time it takes for Canadian financial institutions to bring new RTR-based services to market.
5. Security and compliance are paramount in the financial sector. That’s why t3 is built with robust security protocols to ensure the integrity and confidentiality of sensitive payment data. The platform’s design also facilitates adherence to relevant Canadian regulatory requirements.
6. t3 offers seamless integration capabilities with existing banking infrastructure, minimizing disruption and ensuring a smooth transition to the new real-time payment system.
7. Real-time monitoring and reporting functionalities provide valuable insights into test execution and performance, enabling efficient identification and resolution of any issues.
8. t3 streamlines the certification process, guiding financial institutions through the necessary steps to gain accreditation for their RTR implementations.

For Canadian financial institutions, partnering with Iliad Solutions and leveraging the power of the t3 software delivers a raft of advantages.

It ensures a smooth and reliable rollout of the RTR system, minimizing the risk of costly outages and disruptions that could erode customer trust. And by accelerating the time to market for innovative RTR-based services, banks can quickly capitalize on the opportunities presented by this new infrastructure.

Ultimately, Iliad’s expertise and t3’s capabilities empower Canadian financial institutions to build customer trust and confidence in the modernized payments ecosystem, fostering greater financial inclusion and driving innovation.

Iliad Solutions stands ready to be the trusted partner for Canadian financial institutions as they embark on this exciting journey into the future of real-time payments.

To learn more about how we can support your adoption of RTR, speak to Mike Packer today via: mike.packer@iliad-solutions.com.