Perspectives

Q3 Delivery Roadmap update

Through extensive consultation with our program partners, Payments Canada has determined the need for revised launch timing for the Real-Time Rail (RTR) payment system. An extension in the delivery date (or ‘go-live date’) will provide additional time to validate and test the components and end-to-end integration of the RTR system.

We recognize that there will be impacts for the payment ecosystem in Canada. Our members, regulators, stakeholders and the broader payment industry are important contributors to a safe, secure, competitive and innovative real-time payment system for businesses and consumers in Canada. We couldn't have been successful in the launch of Lynx without the industry’s participation and the same is true of the RTR. We are working closely with these groups to replan and confirm a revised launch date, which we will share publicly once confirmed. 

Although solution delivery is delayed, activities in other workstreams, including the delivery of the legal framework, are continuing. 

Progress continues on Lynx Release Two, which will introduce the ISO 20022 financial messaging standard to the Lynx system. At the end of August, we successfully completed industry testing, a collaborative effort with involvement from Nexi, IBM, the Bank of Canada, Payments Canada, our Lynx participants and the vendor community. Together, we completed over 7,000 test cases to ensure the system is ready to go live in November of this year. With the completion of industry testing, our focus has shifted toward implementation readiness. In less than 50 days, Canada’s high-value payment system will be ISO 20022-enabled!

I’d like to acknowledge the Payments Canada teams that ensure Canada’s payment systems operate reliably. The Rogers outage on July 8 impacted consumers and businesses across Canada. I am proud to share that Lynx, Canada’s high-value payment system, and the Automated Clearing Settlement System (ACSS) remained fully operational and there was no degradation in production. This unexpected outage demonstrated the resilience and reliability of Canada’s core payment infrastructure.

Throughout the third quarter of 2022, the ACSS cleared and settled 2.3 billion payments valued at $2.2 trillion, and Lynx cleared and settled 3.1 million payments valued at $25.9 trillion. In Q3, we also marked one year of operating Lynx. In its first year of operations, Lynx cleared and settled 12 million payments valued at ​$115 trillion.

As part of our ongoing commitment to advancing understanding and developing forward-thinking leaders within the payment industry, we continued our partnership with the Rotman School of Management at the University of Toronto to offer The Business of Payments program. The most recent session held in September was fully subscribed, with senior leaders from several companies coming together in person to discuss the changing payments landscape.

As we head into the last quarter of 2022 and finalize plans for 2023 and beyond, I look forward to continued collaboration with the industry to shape the future of payments.

Tracey Black
President and CEO 
Payments Canada

Keep reading