Last updated: July 31, 2026
Read about the policies for Lynx, the Automated Clearing Settlement System and Real-Time Rail, and learn how to apply for a settlement account for these payment systems.
Overview
The Bank of Canada provides settlement accounts to direct participants in Lynx, direct clearers in the Automated Clearing Settlement System (ACSS) and direct participants in the planned Real-Time Rail (RTR). Payments Canada owns and operates these systems, but final settlement of payment obligations in these systems occurs through settlement accounts on the books of the Bank of Canada.
Policies for settlement accounts
The Bank’s provision of settlement accounts for Lynx, ACSS and RTR benefits the payments ecosystem by allowing for settlement finality in central bank money. However, an institution’s direct access to payment systems through a settlement account may also expose the Bank, Payments Canada or other participants to risk. The Bank’s settlement account access policies are designed to balance these benefits and risks.
The policies outline the requirements that applicants must meet for the Bank to consider granting them a settlement account.
The Bank of Canada’s policies are available here:
Applying
Applying for a settlement account at the Bank of Canada (for any of Lynx, ACSS or RTR) involves four main steps.
Step 1: Confirm your eligibility to apply
To be eligible for a settlement account for these payment systems, an applicant must be a member of, or eligible to become a member of, Payments Canada. Payments Canada membership is required for the formal assessment of an application and the approval of a settlement account.
Section 4 of the Canadian Payments Act sets out the entities that may or must be members of Payments Canada. Applicants that are not currently members of Payments Canada will need to contact Payments Canada to discuss membership and direct participation in its payment systems.
Payments Canada has expanded its membership eligibility criteria to now include payment service providers and clearing houses.
Read more about key changes to Payments Canada by-laws.
Step 2: Meet Payments Canada’s requirements
Applicants for a settlement account will need to meet Payments Canada’s operational, technical and security requirements for direct participation in Payments Canada’s payment systems.
Step 3: Contact the Bank
Applicants will need to email to:
- express their intention to apply for a settlement account for Lynx, ACSS or RTR
- request an application form for the relevant payment system
Step 4: Complete and submit your form
Applicants must submit their completed form to the Bank as indicated in the form’s instructions.
What to expect after submitting your application
The Bank will assess completed applications and may reach out to applicants to clarify elements of the submission.
Successful applicants will then undergo an onboarding process with the Bank and Payments Canada to get set up in the relevant payment system and open the settlement account.