Our History

Payments Canada has formed a critical part of Canada’s financial market infrastructure for four decades. We are responsible for the systems, processes and rules essential to payments clearing and settlement in Canada.

In 2015, we embarked on an ambitious program to modernize Canada’s payment systems to raise the country’s financial ecosystem to a modern global standard, marking the beginning of an evolution well beyond our ‘operational’ role. Through our collaborative efforts with members and stakeholders we are succeeding in this regard, including the launch of Lynx, Canada’s new high-value payment system, in 2021 as well as progress made towards the delivery of the Real-Time-Rail.

In 2020, Payments Canada turns 40 years old. It’s a milestone worth celebrating, as we have grown tremendously, both as Canada’s payment systems provider and as an organization. We have made substantial human and financial resource investments across all parts of the company (e.g. technology, risk, security, research and policy), accelerating our evolution from a humble association to a dynamic organization that is at the centre of payments in Canada.

Blue banner linking to our historical timeline: 1980-2020