Payments Canada publishes 2021 Delivery Roadmap
Today, Payments Canada published the 2021 Delivery Roadmap Update. The publication summarizes program progress in the past year, along with what is planned next in the delivery of modern payments in Canada.
2021 was a delivery year for modern payments in Canada, with the launch of Lynx, our country’s new high-value payment system, in partnership with our members and regulators. Lynx replaced the Large Value Transfer System (LVTS), which served as Canada’s high-value payment system for more than 20 years. 2022 will see a second release for Lynx, which will support the end-to-end delivery of ISO 20022 messages.
Other areas of progress captured in the Roadmap include the Automated Clearing and Settlement System (ACSS), advances made to support broader access and major announcements around the Real-Time Rail, the new system that will provide 24/7/365 payments that are final and irrevocable. In preparation for 2023 RTR Release One launch, our 2022 priorities include continuation of system construction, and the development of the RTR rules, standards, and by-laws.
The modernization of Canada’s payment systems are informed by ongoing consultation with our member financial institutions, key stakeholders and regulators.
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