The Canadian Payments Association (CPA) made the announcement today as it launched its biennial conference, Payments Panorama 2012, in Quebec City.

The Large Value Transfer System (LVTS), which processes an average of $158-billion 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 modernize 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. "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."

"Expertus has built its reputation over the last ten years based on effective delivery of innovative technological solutions and a strong focus on customer satisfaction," said Jacques Leblanc, Co-founder and President of Expertus. "We are proud that Expertus has been chosen to provide the new LVTS solution and we are delighted to be a part of the Canadian payment system framework for the future."

The CPA's LVTS renewal project will be delivered by Expertus throughout 2012 for implementation by June, 2013.