ISO 20022 Lynx on-boarding
Payments Canada is in the process of developing an on-boarding approach for ISO 20022 for Lynx, Canada’s new high-value payments system. Once this approach is developed and approved it will be shared here and communicated to Lynx participants.
ISO 20022 AFT on-boarding, registration & testing
Payments Canada has developed the following five phases for participant financial institutions’ adoption of ISO 20022 for Automated Funds Transfer (AFT). These phases are designed to ensure a smooth transition to the ISO 20022 Payments Standard and provide continued support throughout the process.
1. Information Gathering:
Payments Canada will provide education or training to anyone seeking to gather additional information or knowledge about ISO 20022 in Canada; contact ISO20022@payments.ca for more information. In the case of indirect clearers, Payments Canada encourages them to discuss their ISO 20022 plans with their Clearing Agent.
This is the first formal step of the on-boarding process where the direct or indirect clearer formally acknowledges their intention to start exchanging ISO 20022 AFT messages. Registration must occur at least 180 days prior to their intended implementation date. Upon receipt of the notification, Payments Canada will provide the registrant the ISO 20022 On-Boarding package, which includes materials to support them throughout the on-boarding process including an On-Boarding Checklist of events and activities that need to be considered during the implementation process.
3. Testing as required for ACSS direct clearers only:
Inter-Financial Institution Testing is the final step before implementation of ISO 20022 messages. Payments Canada will provide a test document listing all the types of testing to be performed. Each registrant will confirm they have successfully exchanged ISO 20022 messages.
This stage is when registrants exchange ISO 20022 AFT messages with one or more other participants. Implementation for indirect clearers will be coordinated with their clearing agent.
5. Ongoing support and monitoring:
After go-live, Payments Canada will continue to support registrants who are actively involved in exchanging ISO 20022 AFT messages.