Lynx vs ACSS / EFT

Canada

Same job: Clear and settle a CAD interbank payment through Payments Canada.

The decision: Pick Lynx for high-value, time-critical wires that must be final immediately (real-time gross settlement, each payment irrevocable in central bank money, no inter-participant credit risk); pick ACSS / EFT for everyday retail batch items (direct deposits, PADs) that exchange in batches and settle on a deferred multilateral NET basis the next business day.

The diff

Pulled from each rail’s audited flow. Highlighted rows are where the two differ.

Attribute	Lynx · Canada's high-value wire (RTGS)	ACSS / EFT (AFT) · Canada's retail batch clearing
Jurisdiction	CA	CA
Primary railsdiffers	Lynx	ACSS
Rails on the legsdiffers	Bank channel · Lynx · Deposit account	Bank channel · ACSS · Deposit account
Currency	CAD	CAD
Number of parties	6	6
Settlement venue	Bank of Canada settlement accounts	Bank of Canada settlement accounts
Settlement timingdiffers	Real-time gross · Same day	Next business day · Next business day (net)
Message standarddiffers	ISO 20022 (MX) over SWIFT · ISO 20022 (MX)	n/a

Both flows, side by side

Lynx · Canada's high-value wire (RTGS)

Lynx · CAD · CA

A payer instructs their bank to send a high-value wire. The sending bank submits the payment to Lynx over SWIFT (ISO 20022 / MX). Lynx settles it on a real-time gross basis (each payment final and irrevocable the moment it settles across the banks' settlement accounts at the Bank of Canada), and the receiving bank credits the beneficiary. Lynx replaced LVTS in 2021 and is the backbone the other Canadian rails settle around.

How it moves, step by step

1
messagePayer Sending bank (Lynx participant)
Wire instruction
Bank channel
2
moneySending bank (Lynx participant) Lynx (Payments Canada)
Submit high-value payment
Lynx · Real-time
3
moneyLynx (Payments Canada) Bank of Canada settlement accounts
Settle gross in central bank money
Lynx · Real-time gross
4
moneyBank of Canada settlement accounts Receiving bank (Lynx participant)
Receiving bank account credited
Lynx · Real-time gross
5
messageLynx (Payments Canada) Receiving bank (Lynx participant)
Forward payment
Lynx · Real-time
6
moneyReceiving bank (Lynx participant) Beneficiary
Credit beneficiary
Deposit account · Same day

Grounded in operator & regulator sources

ACSS / EFT (AFT) · Canada's retail batch clearing

ACSS · CAD · CA

An originator sends an AFT credit (e.g., a direct deposit) to its financial institution. The item is exchanged through the ACSS retail batch system between direct clearers, and the receiving institution credits the recipient. Unlike the real-time rails, ACSS does not settle each item: it tallies each participant's multilateral NET position and settles those positions the next business day across direct clearers' settlement accounts at the Bank of Canada. ACSS clears the overwhelming majority of payment volume flowing through Payments Canada's systems (cheques, direct deposits, pre-authorized debits, Interac debit, and bill payments), while Lynx carries most of the value. Card-network and Interac e-Transfer payments clear outside Payments Canada's systems.

How it moves, step by step

1
messageOriginator (e.g., employer) Originating institution (direct clearer)
AFT credit file (direct deposit)
Bank channel
2
messageOriginating institution (direct clearer) ACSS (Payments Canada)
Exchange AFT items
ACSS · Batch
3
messageACSS (Payments Canada) Receiving institution (direct clearer)
Deliver items to receiving FI
ACSS · Batch
4
moneyReceiving institution (direct clearer) Recipient (e.g., employee)
Credit recipient account
Deposit account · Next business day
5
moneyOriginating institution (direct clearer) Bank of Canada settlement accounts
Net debit position settled
ACSS · Next business day (net)
6
moneyBank of Canada settlement accounts Receiving institution (direct clearer)
Net credit position settled
ACSS · Next business day (net)

Grounded in operator & regulator sources

See each in the studio

Lynx · Canada's high-value wire (RTGS)Audited template · loads instantly ACSS / EFT (AFT) · Canada's retail batch clearingAudited template · loads instantly

All rail comparisons

Educational, plain-English explainers. Not legal, compliance, tax, or financial advice. These cover fundamentals, not current fees, limits, or rates (which change). Rails and parties vary by program and country, so verify specifics against primary sources. Last reviewed June 2026.