On June 15, Payments Canada published ISO 20022 messages for Lynx, Canada’s new high-value payments system that will replace the current Large Value Transfer System (LVTS) in 2021.
This publication enables impacted entities, including vendors, to start taking the necessary steps to update or adapt their current applications/systems to the new messaging standard.
Lynx, part of Payments Canada’s broader modernization program, will:
Facilitate secure transfer payments between Payments Canada member financial institutions;
Be a Real-Time Gross Settlement System (RTGS) that will comply with the Bank of Canada’s Risk-Management Standards for Designated Financial Market Infrastructures;
Support Canada’s current needs and be adaptable to future changes in technology and business processes in an effective manner; and
Provide a safe and secure foundation that supports a dynamic payments environment.
The release can be found here: