High-Value
Payments System

Lynx is Canada’s new high-value payments system. It will be a real-time gross settlement system, including an enhanced risk model that complies with Canadian and international risk standards and will be enabled with the global ISO 20022 messaging standard.

The new system will replace the current Large Value Transfer System. It will be designed to comply with risk management standards outlined in the Bank of Canada’s standards for Systemically Important Payment Systems that are based on the Principles for Financial Market Infrastructures.

Key Outcomes

  • Continue to ensure payments finality and settlement certainty
  • Flexibility for future technologies, including interfaces and APIs
  • Enhanced cyber security and resiliency capabilities
  • Enhanced safety and soundness

Timeline

Complete

Application provider selection, onboarding & planning

Complete

Lead technology partner selection, onboarding & planning

2018 – 2021

Plan, build and testing

2021

Lynx release 1 and release 2 go live

FAQs

The payments ecosystem in Canada (and around the world) is rapidly changing: Consumers and businesses want faster payments and access to funds, enhanced security and privacy. Businesses want richer payment data and operating environments that promote efficiencies like end-to-end straight-through processing. Also, the Department of Finance and the Bank of Canada – who both have oversight responsibilities for Payments Canada – have expressed strong support for payment system modernization for both risk reduction and promotion of the public policy objectives. Payments Canada’s payments infrastructure, rules and standards need to be updated to better enable payments providers to innovate and products and services to better meet end user needs. For more information on why Payments Canada is modernizing the Payments system, view the Companion Reader to the Vision or the Canadian Payment Ecosystem.

Lynx is Canada’s new high-value payments system. It will be a real-time gross settlement system, including an enhanced risk model that complies with Canadian and international risk standards and will be enabled with the global ISO 20022 messaging standard.

Lynx will process large value, time-critical payments with real-time settlement finality, and provide a safe and secure foundation that supports a dynamic payments environment.