The high-value payment system will be owned and operated by Payments Canada and overseen by the Bank of Canada. Credit: Cris DiNoto on Unsplash.

Payments Canada, which owns and operates Canada’s payments systems, has launched a new high-value payment system called Lynx.

The new payment system will be owned and operated by Payments Canada and overseen by the Bank of Canada.

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It replaces the Large Value Transfer System (LVTS), which has been in place for over two decades.

Bank of Canada has designated Lynx as a systemically important payment system under the Payment Clearing and Settlement Act.

Developed to process ‘large value, time-critical payments with real-time settlement finality’, the new payments system is designed to offer better cyber security and resiliency capabilities.

Lynx will be leveraged to send and receive high-value payments by firms including Bank of America, Bank of Canada, BMO, BNP Paribas, Québec, and State Street among others, as well as their customers.

Payments Canada said that Lynx has been designed with the flexibility to support future technologies, including interfaces and APIs.

Payments Canada president and CEO Tracey Black said: “Lynx is an integral part of our broader payments Modernisation initiative to deliver the future of payments for Canada.

“The launch of Lynx represents a significant collaborative effort between Payments Canada, our member participants, our technology partners IBM and SIA, and the Bank of Canada”.

Bank of Canada governor Tiff Macklem remarked that the launch of Lynx is an important step in making sure Canada’s financial system remains secure, stable and efficient in today’s rapidly evolving economy.

In 2019, Payments Canada selected IBM Canada to be the lead technology partner for the modernisation of Lynx.