Payments Canada has selected SIA as the application provider for Canada’s new payments system, Lynx, subject to negotiation of the final agreement and final regulatory approval.
Introducing Lynx is a part of Payments Canada’s multi-year payments modernisation initiative aimed at transforming the country’s payments system.
The new system will replace Canada’s current large-value payments system and will be based on the global ISO 20022 messaging standard.
Payments Canada has also launched a procurement process for combined hosting and system integration services in support of the end-to-end delivery and operations of Lynx.
According to SIA, this will ensure that Lynx aligns with the highest international security, resiliency and operating standards. This process is expected to be completed in 2019.
SIA will further work with Payments Canada 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 Canadian and international risk standards.
Gerry Gaetz, president and CEO of Payments Canada, said: “SIA has a proven track record of delivering innovative, sophisticated solutions across the global payments ecosystem making them well-suited to support with the delivery of Canada’s new high-value payments
system.”
He added: “We look forward to partnering with SIA, along with our key stakeholders to ensure that the end product delivers on what Canadians asked for and ultimately strengthens Canada’s competitive advantage on the global stage.”
Nicola Cordone, CEO of SIA, said: “We feel very proud to have been chosen to implement Canada’s new payments system because it’s a further confirmation of our critical role in RTGS modernisation initiatives.”
He added: “The establishment of the new Payments Canada core system marks the first time ever project for SIA in North America and further strengthens our position in the international market.”
He added: “Our secure and reliable technologies currently support 20 central banks around the world to improve their own country’s payments infrastructure in order to keep pace with the increasing speed of digital transformation.”
