Central 1 is pleased to recognize Payments Canada’s recent announcement about the launch of the second release of Lynx, supporting the introduction of the ISO 20022 financial messaging standard to high-value payments in Canada. This second release helps to set the foundation for further payment innovation to occur in Canada over the coming years.
Central 1, in collaboration with other partners including the Bank of Canada and other financial institutions, have been working with Payments Canada to ensure this migration is executed effectively for our clients and their members.
“We are pleased to be part of the collaborative effort to introduce MX Messaging ISO 20022 Standard on Lynx. As the Manager of the Group Clearer and the largest payments processor for Canadian credit unions, we leveraged this milestone to build a new operating model that enables us to deliver compliance at a manageable scale while supporting our clients to navigate the pace of change,” said Erick Wong, Chief Product Officer at Central 1. “Combined with access to data-rich payments, this model helps position our clients for continued growth and innovation and puts them at the forefront of Canada’s digital payments future.”
Lynx Release Two is a major milestone for payments modernization in Canada, as we work toward a more flexible and secure payments infrastructure that puts Canada at the leading edge of global payments. Central 1 is committed to providing ongoing support to our clients and their members and is well positioned to anticipate changes and advise the credit union system through this transition.
Learn more about Payments Canada’s announcement.
For questions about Central 1 Payment Solutions, please contact your Central 1 Relationship Manager.