Weekly Newsletter

08 November 2023

Weekly Newsletter

08 November 2023

Payments Canada selects Nexi to improve safety

Nexi will give Payments Canada protection from malicious attacks network failure, or natural or accidental disaster

Robert Prendergast November 02 2023

Payments Canada has selected Nexi to further enhance the resilience of Lynx, Canada’s high-value payment system. Based on the real-time gross settlement (RTGS) model, wire payments cleared and settled using Lynx are fast, irrevocable, and made with real-time settlement finality.

Payments Canada is now using Nexi’s RTGS Extreme Contingency Solution (RECS), specifically designed to ensure the reliability and resilience of the Lynx system. The technology will help the organisation continue to operate in the event of a disruption or sudden disaster.

Nexi RECS technology

The Nexi RECS technology provides the organisation with an additional site that can be activated in the event of an emergency. This can include a malicious attack, network failure, or natural or accidental disaster. If such an event were to occur, the technology would allow the organisation to continue to provide a core service that underpins the Canadian economy until normal business is restored. 

Shawn Van Raay, Chief Information Officer at Payments Canada, said: “The safety and soundness of Canada’s payment systems is Payments Canada’s top priority. This work, completed in partnership with our Lynx participants, the Bank of Canada and our technology partners IBM and Nexi, provides a supplementary layer of resilience to support the continuity of our operations in a safe and secure manner.”

Renato Martini, Digital Banking Solutions Director at Nexi added: “This deployment in North America provides critical resilience to the national payment infrastructure of one of the world’s largest economies. Nexi RECS delivers a highly-efficient service that plays an incredibly important role in protecting and securing RTGS for central banks and payment system operators. At a time of global turmoil, we’re proud to have delivered another major deployment that will keep payments moving, no matter what.”

Digital payments made through credit cards have gained significant popularity

The launch of ChatGPT in November 2022 sparked renewed interest in AI, whose key use cases in the financial services sector range from enhancing customer interactions through chatbots to providing better loan terms through data-driven risk assessments and the automation of laborious back-end processes. Companies in the industry must use AI technologies such as machine learning, computer vision and conversational platforms to achieve time and cost efficiencies and remain competitive.

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