High-value payment system - LVTS


Released: Lynx

In September 2021, Lynx replaced the Large Value Transfer System (LVTS) as Canada’s high-value payment system. Lynx processes large value, time-critical payments with real-time settlement finality, and provides a safe and secure foundation that supports a dynamic payments environment. In a follow-up release in 2022, Lynx will support ISO 20022 messaging in support of Canadian financial institutions meeting ISO 20022 global requirements.


Canada’s high-value payment system — the Large Value Transfer System (LVTS) — is an electronic wire system that facilitates the irrevocable transfer of payments in Canadian dollars across the country, between Canadian financial institutions. Members connect to this system securely via the Canadian Payments Association Services Network (CSN), which is owned and managed by Payments Canada. While actual settlement with the Bank of Canada occurs at the end of each day, funds are credited to the recipient’s account in near real-time. This makes LVTS payments immediately final and irrevocable.

LVTS is the first model of its kind in the world, a hybrid system that combines the benefits of the two main models for current payment systems. It achieves the real-time payment finality of a Real Time Gross Settlement (RTGS) system, with the added benefit of lower collateral costs associated with a netting system.


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Direct LVTS participants must establish and maintain an LVTS settlement account at the Bank of Canada. Certain financial institutions participate directly in LVTS, while others arrange LVTS payments for their customers through direct LVTS participants.

The legal foundation for LVTS is provided in our LVTS By-law and in the Payment Clearing and Settlement Act. Payments Canada administers the daily operations of LVTS as well as the LVTS Rules. LVTS operating costs are funded by our system participants.

By-laws Rules Procedures Statistics