Payments Canada Selects SIA As the Application Provider for Canada’s New High-Value Payments System, Lynx

Payments Canada announced today the selection of SIA as the application
provider for the country’s new high-value payments system, Lynx. This
payments Modernization milestone is the outcome of an extensive
procurement process with participation from key industry partners,
including Canadian financial institutions.

In April 2017, Payments Canada announced a list of suppliers invited to
participate in a competitive
procurement process for Lynx. This process has ended, and Payments
Canada has selected SIA as the Lynx application provider, subject to
negotiation of the final agreement and final regulatory approval. SIA
will work closely with Payments Canada and key industry stakeholders on
the next version of their Real-Time Gross Settlement (RTGS) application
solution to deliver on the needs identified during consultations for the
future of payments in Canada, in compliance with strict Canadian and
international risk standards. SIA is well known in the global landscape
as a leader in payment infrastructures and services, providing a number
of countries, such as Denmark, Norway and Sweden, with their RTGS
systems developed by its wholly-owned subsidiary Perago, the excellence
and competence centre for central bank solutions.

“SIA has a proven track record of delivering innovative,
sophisticated solutions across the global payments ecosystem making them
well-suited to support with the delivery of Canada’s new high-value
payments system,” said Gerry Gaetz, President & CEO of Payments
Canada. “We look forward to partnering with SIA, along with our key
stakeholders to ensure that the end product delivers on what Canadians
asked for and ultimately strengthens Canada’s competitive advantage on
the global stage.”

“We feel very proud to have been chosen to implement Canada’s new
payments system because it’s a further confirmation of our critical role
in RTGS modernization initiatives. The establishment of the new Payments
Canada core system marks the first time ever project for SIA in North
America and further strengthens our position in the international
market. Our secure and reliable technologies currently support 20
central banks around the world to improve their own country’s payments
infrastructure in order to keep pace with the increasing speed of
digital transformation,” said Nicola Cordone, CEO of SIA.

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