June 12 , 2012
CPA selects Expertus to deliver LVTS renewal project
QUEBEC CITY-- Expertus has been chosen to deliver key upgrades to Canada’s national electronic wire payments transfer system. The Canadian Payments Association (CPA), which operates Canada’s national clearing and settlement systems, made the announcement during its biennial conference, Payments Panorama 2012, in Quebec City. Expertus is a Montreal-based company that provides financial and corporate institutions with targeted software solutions and consulting services to reduce operational costs and risks.
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 10 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.