Payments Canada publishes Modernization Delivery Roadmap 2020
Today, Payments Canada published the Modernization Delivery Roadmap December 2020 Update, an update on Canada’s payments Modernization progress.
In the coming two years, Canada will see the launch of two new payments systems: Lynx in 2021 and the Real-Time Rail (RTR) in 2022.
Lynx will modernize Canada’s high-value clearing and settlement system (Large Value Transfer System) with an enhanced risk model that complies with Canadian and international risk standards. In its follow-up release, Lynx will support ISO 20022 messaging in support of Canadian financial institutions meeting ISO 20022 global requirements.
In 2020, Canada saw an upsurge in the use of digital payments and a rise in Canadians' adoption of new ways to pay. The RTR will support this growth with faster, secure, data-rich payments and act as a platform for the introduction of new payment products and experiences for Canadians and Canadian businesses.
The Modernization program is refined and updated as milestones are reached, informed by ongoing consultation with Canadian financial institution members, stakeholders and regulators.
Starting in 2021, Payments Canada will move to publish biannual updates on Modernization progress.
Keeping a pulse on Canada’s Modernization journey.
- To stay up-to-date about the Modernization journey, subscribe to our stakeholder newsletter, The Exchange.
- To learn about the benefits of Modernization, check out these stakeholder interviews, including PayBright, Prospera Credit Union, Canadian Federation of Independent Business and Central 1.
- For additional information about Payments Canada’s Modernization program, visit modernization.payments.ca.
Questions or comments? modernization@payments.ca
