Published: March 31, 2022
Payments Canada has published updated ISO 20022 message specifications for Lynx, Canada’s high-value payment system, to support the implementation of Lynx Release Two and interoperability with SWIFT’s ISO 20022 global standards.
The message specifications have been updated to reflect the latest changes (Release 2.1) published by CBPR+ (Cross Border Payments and Reporting), the group that defines how ISO 20022 should be used for cross-border payments. Alignment with CBPR+ is essential to ensure our high-value payments remain interoperable on a global scale. The ISO 20022 message specifications for Lynx and related information are available on Payments Canada’s ISO 20022 Resource Centre and SWIFT’s MyStandards web platform.
In summer 2021, Payments Canada launched the first release of Lynx to replace the Large Value Transfer System (LVTS), which served as Canada’s high-value payment system for over 20 years. Release One included new technology (application and infrastructure), a new risk model that complies with Canadian and international risk standards, and leveraged the SWIFT MT payment messages.
A second release, planned for late 2022, will introduce the ISO 20022 financial standard with the implementation of the Lynx MX payment messages. Lynx MX payment messages are ISO 20022-compliant and closely aligned to the CBPR+ published usage guidelines that will be implemented by the global SWIFT community in 2022. The Lynx MX payment messages will co-exist with and eventually replace the existing MT messages.
Lynx Release Two will set the foundation for payment innovation to take place in Canada over the coming years. The introduction of ISO 20022 will allow for richer, better structured and more granular payments data to flow throughout Canada. This will support the introduction of new products and services, and the digitization of manual and paper-based processes related to invoicing and payment reconciliation for wire payments.
If you have any questions about the updated message specifications, please reach out to ISO20022@payments.ca.