High-Value
Payment System

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

Lynx replaced the previous Large Value Transfer System in September 2021. It complies 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 payment 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

Complete

Plan, build and testing

Complete

Lynx 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 payment system. It is a real-time gross settlement system, that includes an enhanced risk model that complies with Canadian and international risk standards and will be enabled with the global ISO 20022 messaging standard.

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