OTTAWA, ON, Sept. 28, 2021 /CNW/ - Payments Canada announced today that Citi has become a participant on Lynx, Canada's new high-value payment system which launched in August 2021. Citi joins 16 other participating financial institutions that were a part of the initial Lynx launch.
As a participant on Lynx, Citi is now able to settle payments directly with other participants. In addition to sending and receiving high-value and time-critical payments, Citi and its clients will also benefit from Lynx's enhanced cybersecurity and financial reporting capabilities.
"We welcome Citi as our first new participant on Lynx and look forward to the added value and benefits Citi will be able to deliver to their clients to help meet their current and future payment needs," said Andrew McFarlane, Executive Director of Modernization at Payments Canada. "As we go about our work modernizing Canada's payments infrastructure, we do so with broader access in mind. The addition of new participants on Canada's payments systems will drive competition and support the introduction of enhanced and new payments products and experiences for all Canadians."
"Citi is pleased to have participated across Canada's modernization initiatives and being the first new Lynx participant speaks to our ongoing mission to provide our clients with the safest, fastest, most flexible and data-rich services," said John Landry, Managing Director and Head of Treasury and Trade Solutions for Citi in Canada.
Lynx processes high-value, time-critical payments with real-time settlement finality. Owned and operated by Payments Canada and overseen by the Bank of Canada, Lynx is designated as a systemically important payment system under the Payment Clearing and Settlement Act. For more information on Lynx and how to participate on the system, please visit payments.ca.
ABOUT PAYMENTS CANADA
Payments Canada is a public purpose organization that owns and operates Canada's payment systems, Lynx and the Automated Clearing and Settlement System (ACSS). Payments Canada is responsible for the physical infrastructure and the associated bylaws, rules, and standards that support these systems. It also has a duty to promote the efficiency, safety, and soundness of Canada's payment systems while taking into account the interests of end users. In 2020, Payments Canada's systems cleared and settled over $107 trillion—more than $420 billion every business day. Transactions that pass through these systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques initiated and received by Canadians and Canadian businesses. Payments Canada is working closely with the payment ecosystem to modernize Canada's payment systems to ensure Canada and Canadian businesses remain globally competitive.
ABOUT CITI
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
With offices across the country, Citi has been operating in Canada since 1919.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
For media inquiries, please visit the Payments Canada Media Centre.
SOURCE Payments Canada
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