SIA, a provider of payment infrastructure and services, has been selected as an application provider for Canada’s new high-value payments system, Lynx.
Image: SIA has been selected to build Canada’s new high-value payments system. Photo: courtesy of blackzheep / FreeDigitalPhotos.net.
SIA has been selected by Payments Canada through extensive procurement process, after withstanding tough competition from firms such as Vocalink and CGI.
In April 2017, Payments Canada disclosed a list of suppliers to participate in a competitive procurement process for Lynx.
Subject to negotiation of the final agreement and final regulatory approval, Payments Canada has selected SIA as the Lynx application provider.
SIA, along with Payments Canada, will work with major industry stakeholders to develop the next version of real-time gross settlement (RTGS) application solution to deliver on the needs identified during consultations for the future of payments in Canada.
The solution must be in compliance with strict Canadian and international risk standards.
SIA’s wholly-owned subsidiary Perago has developed RTGS systems to meet the requirements of countries such as Denmark, Norway and Sweden.
Payments Canada president and CEO Gerry Gaetz said: “SIA has a proven track record of delivering innovative, sophisticated solutions across the global payments ecosystem making them well-suited to support with the delivery of Canada’s new high-value payments system.
“We look forward to partnering with SIA, along with our key stakeholders to ensure that the end product delivers on what Canadians asked for and ultimately strengthens Canada’s competitive advantage on the global stage.”
SIA designs and manages technology infrastructures and services for financial institutions, central banks, corporates and the public sector. It majorly serves in the areas of payments, cards, network services and capital markets and carrioes out operations in more than 50 countries.
The firm offers payment systems for various applications, including treasury, access to clearing, clearing, settlement, large databases management and monitor.
SIA CEO Nicola Cordone said: “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.”