Central 1 Credit Union (Central 1) has been confirmed as a day one participant in Lynx –
Canada’s new high-value payments system which will replace the Large Value Transfer System (LVTS) in 2021 – ensuring no interruption to wire payments for the Canadian credit union system.
All 16 current LVTS participants were required by Payments Canada to undergo an exercise to ensure they meet Lynx participant requirements. The approval of Central 1 as a Lynx participant is our third key milestone this year as we gear up to deliver Payments Canada’s Payments Modernization Program. It follows Central 1’s previous successes of securing a Lynx settlement account from the Bank of Canada and partnering with Expertus Service Bureau to ensure delivery of the real-time settlement of our credit union clients’ wires payments.
Central 1’s Chief Digital and Payments Officer, Arvind Sharma commented: “As the Group Clearer Manager, Central 1 acts as the Canadian credit union system’s financial institution connection point to Payments Canada and has a responsibility to deliver payments safely, efficiently and cost-effectively. Confirmation of our Lynx participation means we will join 15 other financial institutions to simultaneously transfer from the LVTS to Lynx in 2021. Our position as one of the ‘go-live’ participants will ensure a seamless transition and the Canadian credit union system can expect an uninterrupted continuation of their wire payments.”
He concluded: “Payments Modernization is a critical step to thriving in a post COVID-19 world, where the need for fast and efficient digital payments services is anticipated to be greater than ever.
“Our team at Central 1 is ready to deliver a modernized payments system that enables our clients to innovate, adapt, and meet the needs of the credit union system and their members and customers.”
We encourage you to contact us with any questions or to access information and resources to aid you on your journey to Payments Modernization.