Episode 19: Modernizing high-value payment systems

Transcript of the recording

Cyrielle Chiron:
In the last few years, Denmark, Iceland and New Zealand replaced their Real-Time Gross Settlement Systems, with ISO 20022 top of mind. In November 2021, the European Union will be following suit, with South Africa, Australia, the United Kingdom and United States also replacing or upgrading. And Canada is keeping pace.

On September 1 2021, Payments Canada announced the launch of Lynx, Canada’s new high-value payment system. Lynx processes large value, time-critical payments with real-time settlement finality and provides enhanced cyber security and resiliency capabilities. Lynx has been designed with flexibility to support future technologies, including APIs.

A major driver for modern payments is ISO 20022. This new messaging standard will enable interoperability, harnessing rich data and creating new services that drive value for users.

I’m Cyrielle Chiron, Chief Strategy Officer at Payments Canada and host of The PayPod. In this episode, we’re going to put modern high-value payment systems in a global context by revisiting a discussion from The 2021 SUMMIT, where leaders from the U.K., Europe and the U.S. provide an update on high-value payments work going on in their jurisdictions.

We’ll hear about opportunities, challenges and lessons learned that each have experienced, or are experiencing, in their journey to processing modern high-value payments.

Featured in the recording are Jean Clement, Advisor, Payments Systems at the European Central Bank; Richard Dzina (pronounced Zina), Senior Vice-President at The Clearing House; and James Southgate, Senior Manager, RTGS Renewal Programme at the Bank of England, and Mike Hoganson, Director of Modernization from Payments Canada is our moderator.

Let’s listen in to the discussion:

[Edited recording of The SUMMIT Series webinar]

Cyrielle Chiron:
Mike emphasized how leading up to the launch of Lynx, it was important to work closely with key partners to ensure a successful implementation. We can see, too, how collaboration across jurisdictions is key to success, so that we can learn from each other’s journeys and work in alignment with modernization efforts from around the globe.

The launch of the first release of Lynx puts Canada at the forefront of high-value payment modernization, ensuring our readiness to support ISO 20022. And as Jean Clement said, ISO 20022 is not the end; it’s the beginning and a building block for so much more.

Thank you for joining me today for this episode of The PayPod as we share discussions taking place across the payments ecosystem.

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I'm Cyrielle Chiron, thanks for tuning in!