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ARTICLE · 07 SEPTEMBER 2021

Payments Canada By-law Regarding Lynx Released

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On August 18, 2021, the Canadian Payments Association By-law No. 9 - Lynx, made under the Canadian Payments Act, was published in the Canada Gazette.

CanadaFinance and Banking
Kathleen Butterfield
Kathleen Butterfield
Caitlin Sabetti
Caitlin Sabetti
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On August 18, 2021, the Canadian Payments Association By-law No. 9 - Lynx  (the "By-law"), made under the Canadian Payments Act, was published in the Canada Gazette.

This By-law provides the legal foundation for Lynx - the new electronic funds transfer system that is owned and operated by the Canadian Payments Association ("Payments Canada"). Lynx is replacing Canada's existing Large Value Transfer System, which has been in place since 1999. Lynx has been designated by the Bank of Canada (the "Bank") as a systemically important payment system under the Payment Clearing and Settlement Act as announced by the Bank on September 1, 2021. 

Along with the introduction of Lynx is a new financial risk model, which is that payments will only be sent and settled when sufficient funds are available; a defaulter-pay model intended to reduce systemic risk. Under the new model, payments will be settled immediately when sent, as opposed to at the end of each day. The credit

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