IBM Canada will be the lead technology partner for the Payments Canada high-value payments system dubbed Lynx.
Payments Canada says that IBM will provide combined hosting and system integration services for end-to-end delivery and system operations.
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This involves delivering security expertise supporting the new system launch. It includes the cutover from Canada’s current Large Value Transfer System to Lynx.
In addition, it incorporates oversight of SIA, the application provider for Lynx and daily operations.
“The onboarding of IBM Canada as lead technology partner will help to ensure we deliver the highest international security, resilience and operating standards for high-value payments in Canada,” says Gerry Gaetz, President and CEO, Payments Canada.
“This is a key partner to join us along the modernisation journey as we establish a foundation for payments. It will strengthen Canada’s competitive advantage on the global stage.
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By GlobalData“IBM Canada has global and domestic payments experience. It is a leader in providing support to Canadian payments ecosystem members, including the recently launched IBM Payments Centre Canada.
Lynx: modernising Canadian banking
“The selection of IBM Canada is the result of a procurement process that involved Payments Canada and key industry partners, including the Bank of Canada.”
IBM Canada President Ayman Antoun adds: “Canada needs complete assurance of security, resilience and performance excellence in its payments system. IBM can deliver this. Through our work with Payments Canada, we are working to support the ecosystem and help modernise the banking experience in Canada.”
Introducing Lynx is a fundamental part of Payments Canada’s multi-year, multi-system payments modernisation initiative aimed at transforming the country’s payments ecosystem.
The new system will be a real-time gross settlement system. It is built in compliance with strict Canadian and international risk and global message standards.
