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Vocalink wins Canadian clearing and settlement system contract

Vocalink wins Canadian clearing and settlement system contract

Mastercard's Vocalink has won the contract to build the clearing and settlement infrastructure for Canada's new real-time payments system.

The decision comes more than 18 months after Payments Canada picked Italian provider SIA over Vocalink and CGI for the related Lynx core clearing and settlement system.

The Vocalink clearing and settlement system will meet all Payments Canada requirements, including support for the ISO 20022 messaging standard, and will comply with the Bank of Canada risk management standards for prominent payment systems.

The RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. Underpinned by ISO 20022 data standard, the system will support payment information travelling with every payment and act as a platform for innovation, says Payments Canada.

Having masterminded the UK's Faster Payments service, Vocalink has won several big contracts around the world, including with Singapore, Thailand, the Nordic P27 system, and the US bank-backed ACH The Clearing House.

“Mastercard’s Vocalink business is a demonstrated leader in the real-time payments ecosystem and they will be a valuable partner for Payments Canada in the introduction and ongoing operation of Canada’s real-time payments system,” says Tracey Black, President and CEO, Payments Canada.

Payments Canada says it is also in the final stages of picking a vendor for the other part of its real-time payments system, the exchange component.

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