SIA has the chance to play a critical role in the transformation of Canadian payments system

Payments Canada has invited three suppliers to participate in a competitive procurement process for the country’s new core clearing and settlement system for payments, called Lynx. The short list of candidates – CGI, SIA and Vocalink – „have the chance to play a critical role in the transformation of Canadian payments”, according to the press release.

In December, Payments Canada announced far-reaching plans to improve the infrastructure and rules that underpin financial transactions in Canada. One key element of that plan is to establish a new core clearing and settlement system – a safe and secure foundation that supports a dynamic payments environment.

Following a request for information (RFI), research and analysis of payments system modernization initiatives around the world and consultation with other international market infrastructure providers, Payments Canada selected CGI, SIA and Vocalink to participate in a competitive dialogue procurement process, which will take place over the next several months. Competitive dialogue is an iterative tendering option used for complex purchases that encourages information flow between parties to define the best outcome. This can include feedback on requirements, proof-of-concept, alternative design solutions and testing.

“Each supplier participating in the process offers a unique skillset, experience and solution,” said Jan Pilbauer, Executive Director of Modernization and CIO at Payments Canada. “The competitive dialogue will encourage innovation, effective decision making and optimal outcomes, meaning we will deliver greater value to Canadians with the end product and, ultimately, strengthen Canada’s competitive position.”

The new system for Canada has been named Lynx, a nod to the fast, agile animal and Canadians’ strong connection to the natural world. It’s also a homonym for links, a word which describes the multitude of connections between Payments Canada’s core system and Canadian financial institutions, global networks, financial market infrastructures and other payment systems.

About Payments Canada:

Payments Canada ensures that financial transactions in Canada are carried out safely and securely each day. The organization underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, bylaws, rules and standards. The value of payments cleared and settled by Payments Canada in 2016 was C$51 trillion, or C$201 billion every business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made with debit cards, pre-authorized debits, direct deposits, bill payments, wire payments and cheques.

Source: Payments Canada