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February 20, 2019

SIA partners with Payments Canada to power Lynx payments system

By Douglas Blakey

Canada’s Lynx payments system is to be powered by Italian payment services group SIA.

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The deal means that SIA beats off competition from rivals CGI and VocaLink.

The Lynx payments system is a key part of Payments Canada’s drive to transform the payments sector.

The Payments Canada/SIA agreement follows an extensive procurement process with participation from key industry partners, including Canadian financial institutions.

Payments Canada invited three suppliers – CGI, SIA and VocaLink – to participate in a competitive tendering process in April 2017.

SIA will now work with Payments Canada on the next version of its Real-Time Gross Settlement application solution.

“SIA has a proven track record of delivering innovative, sophisticated solutions across the global payments ecosystem. That makes SIA well-suited to support the delivery of Lynx, Canada’s new high-value payments system,” says Gerry Gaetz, President/ CEO of Payments Canada.

Lynx payments system-replacing Canada’s large value Payments System

The Lynx payments system replaces Canada’s current large value Payments System. Lynx will be based on the global ISO 20022 messaging standard.

“We feel very proud to have been chosen to implement Canada’s new payments system. It is a further confirmation of our critical role in RTGS modernisation initiatives.

“The establishment of the new Payments Canada core system marks a first time ever project for SIA in North America.  And it further strengthens our position in the international market.

“Our secure and reliable technologies currently support 20 central banks around the world. That improves their country’s payments infrastructure in order to keep pace with the increasing speed of digital transformation,” adds Nicola Cordone, CEO of SIA.

According to Payments Canada, the Lynx moniker is a nod to the fast, agile animal. Moreover, it is also a homonym for links, a word to describe the connections between Payments Canada’s core system and local banks, global networks and other payments systems.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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