OTTAWA, May 2, 2019 - Payments Canada announced today the selection of IBM Canada as the lead technology partner for Canada’s new high-value payments system, Lynx.
IBM Canada will provide combined hosting and system integration services for end-to-end delivery and system operations. This involves delivering security expertise, supporting the new system launch, including the cutover from Canada’s current Large Value Transfer System to Lynx, oversight of SIA, the application provider for Lynx, and daily operations.
“The onboarding of IBM Canada as lead technology partner will help to ensure we deliver the highest international security, resiliency and operating standards for high-value payments in Canada,” said Gerry Gaetz, President & CEO of Payments Canada. “This is a key partner to join us along the Modernization journey as we establish a foundation for payments that will strengthen Canada’s competitive advantage on the global stage.”
IBM Canada has global and domestic payments experience and is a leader in providing support to Canadian payments ecosystem members, including the recently launched IBM Payments Centre Canada (IPCC). The selection of IBM Canada is the result of a procurement process that involved Payments Canada and key industry partners, including the Bank of Canada.
"Canada needs complete assurance of security, resiliency, and performance excellence in its payments system," said IBM Canada President Ayman Antoun. “IBM can deliver this and, through our work with Payments Canada, we are working to support the ecosystem and help modernize the banking experience in Canada.”
Introducing Lynx is a fundamental part of Payments Canada’s multi-year, multi-system payments Modernization initiative aimed at transforming the country’s payments ecosystem. The new system will be a Real-Time Gross Settlement system, built in compliance with strict Canadian and international risk and global message standards.
About Payments Canada
Payments Canada ensures that financial transactions in Canada are carried out safely and securely each day. The organization underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, bylaws, rules and standards. The value of payments cleared and settled by Payments Canada in 2019 was over $55 trillion or $218 billion each business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made with debit cards, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. Payments Canada is a proud supporter of the Catalyst Accord and the 30% Club.
About IBM Canada
IBM Canada is headquartered in Markham, Ontario and is one of Canada’s top ten private R&D investors; contributing more than $478 million to Canadian research and development initiatives last year. IBM has a unique approach to collaboration that provides small and large business, start-ups and developers with business strategies and computing tools they need to innovate. Areas of focus include AI, cloud and security. Canada is also home to IBM’s largest microelectronics packaging and test facility in Bromont, Quebec and the largest software development organization in the country, with sites in Markham, Ottawa, and Fredericton. For more information, please visit www.ibm.com/ca.