On September 1st, Payments Canada announced the launch of the first release of Canada’s new high-value payment system, Lynx, replacing the Large Value Transfer System (LVTS). Lynx will be owned and operated by Payments Canada and overseen by the Bank of Canada to process “large value, time-critical payments with real-time settlement finality” for seventeen member participants and their customers.

Lynx will also provide enhanced cyber security and resiliency capabilities, flexibility to support future technologies as well as reporting capabilities.

A second release is planned for 2022 to support the delivery of ISO 20022 messages, allowing for data-rich payments.