Payments Canada has invited three suppliers, VocaLink, SIA and CGI, to participate in a procurement process for the country’s core clearing and settlement system for payments, called Lynx.

The shortlisted candidates - CGI, SIA and Vocalink – have the chance “to play a critical role in the transformation of Canadian payments”.

In December, Payments Canada announced plans to improve the infrastructure and rules that underpin financial transactions in Canada. One key element of that plan was to establish a new core clearing and settlement system.

Following a request for information, research and analysis of payments system modernisation initiatives around the world and consultation with other international market infrastructure providers, Payments Canada selected CGI, SIA and Vocalink to participate in a competitive dialogue procurement process, which will take place over the next several months.

Competitive dialogue is an iterative tendering option used for complex purchases that encourages information flow between parties to define the best outcome. This can include feedback on requirements, proof-of-concept, alternative design solutions and testing.

Jan Pilbauer, executive director of modernisation and CIO at Payments Canada, said: “Each supplier participating in the process offers a unique skillset, experience and solution. The competitive dialogue will encourage innovation, effective decision making and optimal outcomes, meaning we will deliver greater value to Canadians with the end product and, ultimately, strengthen Canada’s competitive position.”

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