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Working at Payments Canada
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About
Payments Canada is a statutory not-for-profit created under the Canadian Payments Act. Its mandate is to establish and operate national systems for clearing and settling payments, to facilitate the development of new payment methods and technologies, and to promote the efficiency, safety and soundness of the systems it runs. In practice that makes it the layer beneath the banks: payroll deposits, cheque clearing and high-value interbank transfers all move through infrastructure it operates. It was founded in 1980 as the Canadian Payments Association and rebranded to Payments Canada in 2016. Lynx, its high-value payment system, replaced the Large Value Transfer System that had served that role for more than twenty years, and the Real-Time Rail is being built to clear and settle payments within seconds, around the clock. Mike Bradley took the FintechTO stage in July 2018 to argue that payments deserves to be counted as an industry in its own right, and to show founders where the revenue in it actually sits.
Backers
Not venture-backed. Payments Canada is a statutory corporation created by Act of Parliament and funded by its member financial institutions.
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Quick answers
What does Payments Canada do?
It owns and operates the national systems that clear and settle payments between Canadian financial institutions — the infrastructure behind payroll deposits, cheque clearing and high-value interbank transfers — and is mandated to develop new payment methods and keep the systems safe and efficient.
Is Payments Canada a government agency?
It is a statutory not-for-profit corporation created under the Canadian Payments Act in 1980, not a company and not a government department. Its payment systems are overseen by the Bank of Canada.
What are Lynx and the Real-Time Rail?
Lynx is Canada's high-value payment system, which replaced the Large Value Transfer System. The Real-Time Rail is being built to exchange, clear and settle payments within seconds, 24 hours a day.