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Canada gets new high-value payment system

Source: metamorworks | Getty Images

Payments Canada last week announced the launch of the first release of Lynx, Canada’s new high-value payment system which will be owned and operated by Payments Canada and overseen by the Bank of Canada. Lynx will replace the Large Value Transfer System (LVTS), which has served as Canada’s high-value payment system for over 20 years. 

Designated by the Bank of Canada as a systemically important payment system under the Payment Clearing and Settlement Act, Lynx will process large value wire payments with real-time settlement finality and will…

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