I'm Tracy Black. I'm the president and CEO of Payments Canada.

Payments Canada has been working on modernization since 2015. We began with a vision for the Canadian payments ecosystem and out of that vision came several projects. We've introduced enhancements to our batch system to make it more accessible for our members. We're introducing a new high value payments application, and a new credit risk model in 2021. And we're also going to be introducing the first new payment system for Canada in decades, which is the Real Time Rail. 

There are over 50 countries in the world that have implemented real-time payments systems already and it's important for Canada and for Canadians and Canadian businesses to have access to the same type of payments infrastructure as other countries. 

The real-time payment system is going to bring fast convenient and secure transactions, 24/7 365.

If you combine the capability to send and receive payments in real time, with the data richness that the RTR system is going to offer, then you create a platform for innovation where new payments and experiences are going to be possible. 

Our partnership with Mastercard is an important part of our solution because Mastercard has global experience, and they're going to help to guide us through this journey. They've implemented several of these systems around the globe and we've never done anything in this space in Canada. It's a new system for us and we're very thankful for their knowledge and for their thoughtfulness in terms of helping us design and implement a system that's going to add value for all Canadians and Canadian businesses.

We're very glad to have such an experienced partner and such a great group of people to be working with.