In the News

Central 1 agreement with payments fintech advances progress towards meeting payments modernization Lynx timelines

Twitter Icon Facebook Icon LinkedIn Icon Print Icon Email Share Icon
Central 1 logo

Central 1 has signed an agreement with an innovative fintech in the payments space, Expertus, to ensure it meets Payments Canada’s 2021 timelines for the rollout of Lynx (Canada’s new high-value payments system) and the forthcoming ISO 20022 data-rich messaging standard. 

Payments Canada is leading Canada’s multi-year payments modernization program, with an end vision of a fast, efficient, flexible and secure payment system that will promote innovation, provide more open access and strengthen Canada’s competitive position. The next major project in Payments Modernization is in 2021, when the Large Value Transfer System (LVTS) will be replaced by Lynx: a real-time gross settlement system, including an enhanced risk model that complies with Canadian and international risk standards and is enabled with the global ISO 20022 messaging standard.   

By partnering with Expertus Service Bureau, Central 1 is progressing towards delivery of the real-time settlement of its credit union clients’ wires payments in line with Canada’s payments Modernization requirements and timelines. The Expertus Service Bureau is a robust SWIFT messaging connectivity solution which is designed to be compliant with SWIFT upgrades and is ISO 20022 ready.   

As the Group Clearer Manager, Central 1 acts as the credit union system’s financial institution connection point to Payments Canada and has a responsibility to deliver payments safely, efficiently and cost-effectively. 

Expertus is pleased to bring its cloud-native payment platform to Central1, an API-driven payments ecosystem built to power innovation and eliminate the impact of disruptive change” said Abdulah El Tarazi, Vice President of Strategic Initiatives at Expertus. “In addition to supporting Central 1 prepare for the LVTS-LYNX migration, The Expertus platform provides value added capabilities such as data-rich ISO20022 compliant payments, increased transparency using SWIFTgpi and the necessary groundwork for open banking,” he said, concluding: “This will allow Central1 to deliver its customers new offerings and improve customer experience.”  

Central 1’s Chief Digital and Payments Officer Arvind Sharma commented, “Central 1 is making strong progress towards delivering Lynx and this latest achievement follows swiftly from our recent announcement that we were the first institution in the credit union system to secure a Lynx settlement account from the Bank of Canada. We are staying on course to deliver a modernized payments system that meets the needs of the credit union system and their members and customers.” 

He concluded: “We are pleased to be working with Expertus who are highly involved in the Canadian payments industry and have a close relationship with Payments Canada. We are excited about the potential this partnership will bring and are determined to continue making excellent progress on our own modernization journey and towards meeting all payments modernization timelines.” 

About Central 1

Central 1 is a preferred partner for financial, digital banking and payment products and services – fuelling the success of businesses across Canada. We leverage our scale, strength and expertise to power progress for more than 250 credit unions and other financial institutions, enhancing the financial well-being of more than 5 million customers from coast to coast. For more information, visit central1.com.

Contact
Meadhbh Monahan (pronounced ‘Maeve’) 
Communications Specialist  

C 236 885 3363 
E mmonahan@central1.com