Payments Canada Selects SIA for Major Modernisation Project

Italian fintech specialist SIA has won the contract to build Canada’s new core clearing and settlement system. The project is intended to lay the groundwork for the country’s switch to real-time payments. It’s part of Canada’s multi-year roadmap, which sets out plans for near-term enhancements to existing systems, as well as long-term improvements. The latter category includes the implementation of a faster payments capability and a new ISO 20022-based core clearing and settlement system. Part of SIA’s work will involve building the system, dubbed Lynx. In the near term, the Italian company will work with Payments Canada and industry stakeholders on the next version of their Real-Time Gross Settlement (RTGS) application solution. Meanwhile, Payments Canada is working on the next part of its modernisation strategy, namely launching the content to secure a vendor for the combined hosting and system integration services in support of the end-to-end delivery and operations of Lynx. A supplier should be picked this year.