SIA wins Payments Canada’s tech revamp contract
This implementation is the outcome of an “extensive” procurement process with participation from “key industry partners”, including Canadian financial institutions.
As reported in April 2017, CGI, SIA and Vocalink were fighting it out to win the contract for Payments Canada’s new core clearing and settlement system.
Now this is wrapped up and SIA will be the Lynx application provider, subject to negotiation of the final agreement and final regulatory approval.
“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,” says Nicola Cordone, CEO of SIA.
SIA will work with Payments Canada and “key industry stakeholders” on the next version of their real-time gross settlement (RTGS) application solution.
SIA provides payments in countries like Denmark, Norway and Sweden, with their RTGS systems developed by its wholly-owned subsidiary Perago.
Lynx will replace Canada’s current Large Value Payments System and will be based on the global ISO 20022 messaging standard.
Payments Canada has recently launched a procurement process for combined hosting and system integration services in support of the end-to-end delivery and operations of Lynx.