Payments Canada Begins Consultation On Policy Framework For High-Value Payments

On October 9, 2019, Payments Canada released a request for feedback on policy proposals for its Lynx Policy Framework. Lynx is the new high-value payments system that Payments Canada is developing to replace Canada's current Large Value Transfer System (LVTS). The purpose of the Lynx Policy Framework and consultation is to inform the drafting of the by-law that will provide the legal foundation for the Lynx system. The deadline for consultation submissions is November 15, 2019.

What is Lynx?

Lynx is the system that is scheduled to replace the current LVTS in as part of Payments Canada's broader modernization program. The goals of the Lynx implementation are to:

1. Facilitate secure payment transfers between Payments Canada and member financial institutions;