IBM has been selected as the lead technology partner for Canada's new high-value payment system, Lynx.
Under the deal, IBM Canada will provide combined hosting and system integration services for end-to-end delivery and system operations. This involves delivering security expertise, supporting the new system launch, including the cutover from Canada’s current large value Ttransfer system to Lynx, oversight of SIA, the application provider for Lynx, and daily operations.
SIA was awarded the build contract in February, seeing off competition from CGI and VocaLink in a competitive procurement process.
Lynx is a fundamental part of Payments Canada’s multi-year, multi-system payments modernisation initiative, a real-time gross settlement system, built to cope with international risk standards and the arrival of the new ISO20022 messaging type.
“The onboarding of IBM Canada as lead technology partner will help to ensure we deliver the highest international security, resiliency and operating standards for high-value payments in Canada,” says Gerry Gaetz, president & CEO of Payments Canada. “This is a key partner to join us along the Modernization journey as we establish a foundation for payments that will strengthen Canada’s competitive advantage on the global stage.”