Canadian Payments Association By-law No. 9 — Lynx (SOR/2021-182)

Marginal note:Settlement instructions sent to settlement mechanism

• 30 (1) Immediately after receiving settlement instructions, Lynx must send them to the settlement mechanism designated under subsection 27(2).

• Marginal note:Exceptions

  (2) Despite subsection (1), the settlement instructions must

  • (a) be sent to the conditional release mechanism if

    • (i) the sending participant has directed that transfer of the amount specified in the settlement instructions is to occur at a specific time later in the payments processing cycle,

    • (ii) the sending participant or receiving participant is temporarily unable to settle the Lynx payment obligation through Lynx,

    • (iii) the settlement mechanism designated under subsection 27(2) is not open,

    • (iv) transfer of the amount specified in the settlement instructions would exceed the “net send limit”, as defined in the Rules, set by the sending participant, or

    • (v) the Rules require that the settlement instructions must be validated by the sending participant before the Lynx payment obligation can be settled through Lynx; or

  • (b) be rejected if the payment message is a duplicate or the settlement instructions contain an error specified in the Rules.