Payments Canada selects SIA for high-value payments system
Payments Canada has announced the selection of SIA as the application provider for the country’s high-value payments system, Lynx. This payments modernisation milestone is the outcome of an extensive procurement process with participation from key industry partners, including Canadian financial institutions.
In April 2017, Payments Canada announced a list of suppliers invited to participate in a competitive procurement process for Lynx. This process has ended, and Payments Canada has selected SIA as the Lynx application provider, subject to negotiation of the final agreement and final regulatory approval. SIA will work with Payments Canada and key industry stakeholders on the next version of their Real-Time Gross Settlement (RTGS) application solution to deliver on the needs identified during consultations for the future of payments in Canada, in compliance with strict Canadian and international risk standards.
Introducing Lynx is a fundamental part of Payments Canada’s multi-year payments modernisation initiative aimed at transforming the country’s payments ecosystem. The system will replace Canada’s current Large Value Payments System and will be based on the global ISO 20022 messaging standard.
Payments Canada has recently launched a procurement process for combined hosting and system integration services in support of the end-to-end delivery and operations of Lynx. This approach will ensure that Lynx aligns with the highest international security, resiliency and operating standards. This process is expected to be completed in 2019.