Update on implementation timing of Lynx Release Two
Over the past week, Payments Canada has been working closely with Lynx participants, our partners (IBM and Nexi), and the Bank of Canada, to determine the path forward should Swift decide to delay the global implementation of ISO 20022.
On October 27, 2022, Swift officially announced their decision to reschedule from November 2022 to March 2023. As noted in the announcement, this decision was driven by the need to align the start of the global ISO 20022 migration for CBPR+ with the ECB’s updated timetable to ease implementation. Swift was clear that any additional delay beyond March 2023 will not be considered.
Changes to Swift’s planned implementation timing will not impact our timeline for the delivery of the technical solution for Lynx Release Two, but it will impact our go-live date. While Payments Canada and Lynx participants are ready to deliver in November, we have the technical agility to accommodate a delay from Swift.
In acknowledgement of the impacts on Lynx participants and after extensive consultation, we will move forward as planned with the deployment of the technology needed to support Lynx Release Two in November 2022, but will postpone the activation of the technology until March 2023, in alignment with Swift’s revised implementation date.
Planned Lynx Rule amendments will come into effect on November 20, 2022. However, the amendments related to the use of payment messages in the Lynx MX format will not be relevant until March 2023, in line with the technology activation.
We look forward to bringing the benefits of ISO 20222 to Canadians through Lynx, our country’s high-value payment system, at the same time as the global payments community.