Payments Canada publishes Lynx ISO 20022 corporate to bank message guidelines
Payments Canada, in collaboration with its members, has created guidelines for using ISO 20022 messages between corporates and banks for Lynx payments.
These guidelines can be referred to as best practices for implementing ISO 20022 messages pertaining to Lynx payments between banks and their corporate clients. The guidelines are designed to be in alignment with both the Lynx ISO 20022 interbank messages and global best practices.
In March 2023, Payments Canada introduced the 2019 version of ISO 20022 messages for Lynx payments in the interbank space. However, the use of ISO 20022 messages between the banks and corporates remains less prominent to date and, if used, is limited to older versions of these messages. The newly created guidelines will help facilitate consistent usage of ISO 20022 standard for the end-to-end Lynx payment flow, representing a significant step forward in modernizing the payment experience in Canada. The current message portfolio of these guidelines includes five messages: two payment initiation messages and three messages pertaining to account and transaction reporting.
These guidelines also reflect Payments Canada's commitment to enabling consistent usage of ISO 20022 messaging.
To learn more about the ISO 20022 messaging guidelines, visit our ISO 20022 webpage.
Join us at The SUMMIT
Anshul Tripathi, Manager, ISO 20022 Centre of Excellence at Payments Canada, is moderating a panel discussion on this topic at The 2024 Payments Canada SUMMIT. The Data-powered payments session, Empowering corporates and banks: unleashing the benefits of ISO 20022, is on Wednesday, May 29 at 2:30pm.
