Canadian Payments Association Selects Expertus for Wire Payments Renewal Project
The Canadian Payments Association (CPA) has chosen Expertus to deliver key upgrades to Canada’s national electronic wire payments transfer system.
The Large Value Transfer System (LVTS), which processes an average of C$158bn in irrevocable payment transactions each business day, is designated as ‘systemically important’ by the Bank of Canada. It offers CPA-member financial institutions the ability to transfer funds to each other virtually instantaneously, providing immediate and irrevocable payments to recipients.
Under the CPA’s initiative to modernise the LVTS, Expertus, an IBM business partner, will deliver a highly-available, secure browser-based solution to replace the LVTS workstation application currently used by financial institutions.
“Secure, expanded access to the LVTS by our members is part of the CPA’s ongoing drive to enhance its exchange, clearing and settlement technology. This is an important measure towards ensuring the continued reliability of this key system,” said Guy Legault, CPA president and chief executive officer (CEO). “We chose Expertus for this project based on their proven track record in delivering payment solutions, as well as our previous strong and productive working relationship.”
The CPA’s LVTS renewal project will be delivered by Expertus throughout 2012 for implementation by June 2013.