Published: July 19, 2021
Payments Canada has published updated ISO 20022 message specifications for Lynx, Canada’s new high-value payments system.
The updated specifications will allow Lynx participants to prepare their existing applications to leverage the value of the ISO 20022 messaging standard. This includes access to enhanced remittance data, support for global interoperability, and improved transparency. Vendors who support Canada’s payments ecosystem can use the published messages to update their applications and develop new services for Lynx participants and the wider ecosystem. The ISO 20022 messages for Lynx also support Canadian financial institutions preparing to meet SWIFT’s ISO 20022 migration date for cross-border payments, expected to roll out at the end of 2022.
The revised ISO 20022 message specifications include updated versions of pacs.008 (FI to FI Customer Credit Transfer) and pacs.009 (FI Credit Transfer - now split into two separate guidelines for core and cover payments) and the addition of the pacs.004 (Payment Return). The updated messages also align with CBPR+ specifications to enable interoperability in the cross-border payment space.
Lynx is a pivotal part of Payments Canada’s multi-system payments Modernization initiative aimed at transforming Canada’s payments ecosystem. The new system will replace the Large Value Transfer System (LVTS) and process large value, time-critical payments with real-time settlement finality. ISO 20022 messaging will be supported in release two of Lynx.