back Back

Payments Canada taps Nexi to bolster RTGS resilience

By Delisha Fernandes

November 06, 2023

  • B2C payments
  • Bank of Canada
  • Canadian central bank
Share

Payments Canada, Nexi, PayTech, B2C payments, Lynx, Canadian central bank , Bank of Canada, Fintech news, Fintech USANexi, a European PayTech, has been selected by Payments Canada, the organisation responsible for Canada’s payment clearing and settlement infrastructure, to further enhance the resilience of Lynx.

Payments Canada is using Nexi’s RTGS Extreme Contingency Solution (RECS), specifically designed to ensure the reliability and resilience of the Lynx system. The technology will help the organization continue to operate in the event of a disruption or sudden disaster.

Based on the real-time gross settlement (RTGS) model, wire payments cleared and settled using Lynx are fast, irrevocable, and made with real-time settlement finality.

“The safety and soundness of Canada’s payment systems is Payments Canada’s top priority,” said Shawn Van Raay, Chief Information Officer at Payments Canada. “This work, completed in partnership with our Lynx participants, the Bank of Canada and our technology partners IBM and Nexi, provides a supplementary layer of resilience to support the continuity of our operations in a safe and secure manner.”

The Nexi RECS technology provides the organization with an additional site that can be activated in the event of an emergency, such as malicious attack, network failure, natural or accidental disaster. If such an event were to occur, the technology would allow the organization to continue to provide a core service that underpins the Canadian economy until normal business is restored.

Renato Martini, Digital Banking Solutions Director at Nexi said, “This deployment in North America provides critical resilience to the national payment infrastructure of one of the world’s largest economies. Nexi RECS delivers a highly-efficient service that plays an incredibly important role in protecting and securing RTGS for central banks and payment system operators. At a time of global turmoil, we’re proud to have delivered another major deployment that will keep payments moving, no matter what.”

Previous Article

November 06, 2023

Bandhan Bank expands Indian presence; opens branch in Kargil

Read More
Next Article

November 06, 2023

Namaste Credit & Microsoft Azure team to combat financial fraud

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

B2C payments

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 23, 2024

4 BNPL platforms providing financial freedom to consumers in MENA

Read More

July 23, 2024

Paytm & Axis Bank to offer POS solutions to merchants

Read More

July 23, 2024

Klarna integrates Sofort payment service with Klarna Payments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024