Payments Canada launches new wholesale payments system
Bank of Canada governor says new system is important to keep system secure and efficient
The body that runs Canada’s payments infrastructure has announced the formal launch of a new interbank large-value payments system, called Lynx.
Payments Canada said that Lynx succeeds the Large Value Transfer System, which served as Canada’s wholesale payments system since 1999. The new system will handle large transfers in Canadian dollars between 16 major financial institutions in Canada, including the “big five” domestic banks.
The new system is more secure and robust than its
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