Dark Mode Beta
Dark Mode Beta


Lynx provides the setting in which the Bank of Canada conducts its monetary policy. Effective September 2021, it replaced the Large Value Transfer System (LVTS).

About Lynx

As part of Canada’s payments modernization efforts, Lynx replaced the Large Value Transfer System (LVTS) in 2021. It inherits the operational functions to:

  • reinforce the Bank’s policy interest rate
  • provide a means for settling obligations from other financial market infrastructures (FMIs)
  • channel liquidity from the Bank to financial institutions in times of crisis

An Overview of Lynx, Canada’s High-Value Payment System

This document provides an overview of Lynx—Canada’s high-value payment system—and summarizes the system’s design. It explains the development and purpose of Lynx as well as the legal and regulatory framework governing its operation. It also describes the various settlement mechanisms and processes Lynx uses to allow system participants to meet their diverse payment needs while ensuring that risks that arise in the system are managed appropriately.

About the LVTS

The Large Value Transfer System, or LVTS, was an electronic wire system that let financial institutions and their customers send large payments securely in real time, with certainty that the payment would settle. It was launched in 1999 and was replaced by Lynx in 2021.

A Primer on Canada’s Large Value Transfer System

This paper provides a comprehensive overview of Canada’s Large Value Transfer System (LVTS).

Implementing Monetary Policy in the Large Value Transfer System Environment

Discussion papers, setting out a proposed framework for implementing monetary policy in the LVTS environment, were published before the final report was issued in January 1999.