About Payments Canada

Payments Canada is a public purpose organization that owns and operates Canada’s payments systems, the Large Value Transfer System (LVTS) and the Automated Clearing Settlement System (ACSS). Payments Canada is responsible for the physical infrastructure and the associated bylaws, rules, and standards that support these systems. It also has a duty to promote the efficiency, safety, and soundness of Canada’s payments systems while taking into account the interests of end-users.

In 2020, Payments Canada’s systems cleared and settled over $107 trillion – more than $420 billion every business day. Transactions that pass through these systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques initiated and received by Canadians and Canadian businesses.

Payments Canada is working closely with the payments ecosystem to modernize Canada’s payments systems to ensure Canada and Canadian businesses remain globally competitive. Payments Canada will launch a new high-value payment system, Lynx, in 2021 and a real-time payment system, the Real-Time Rail (RTR), in 2022.

Isak Penttila

Payments Modernization Advisor
Payments Canada

Working closely with Payments Canada’s members and stakeholders, Isak helps to analyze Canadian banking systems and business needs, assessing potential solutions to identified issues and proposed ISO 20022 message development initiatives while recommending strategic approaches (both systemic and operational) to support the best way forward for Payments Canada and the Canadian financial ecosystem. 

Driven by innovation and global cooperation, Isak continually challenges himself to remain at the forefront of key developments and trends in Payment Market Infrastructures and Modernization efforts, and as such, regularly collaborates with various worldwide organizations and financial governing bodies including the European Central Bank, the Bank of England and the U.S. Federal Reserve. 

Having experience working, consulting and collaborating internationally, Isak is especially well-versed in Canadian and European Payments Initiatives and has had several opportunities to assist with transforming problematic business processes into streamlined, profitable operations with a clear vision and a strategic path forward.

Lisa Sattler

Director, Policy
Payments Canada

Lisa leads Payments Canada’s Policy Team, ensuring that Payments Canada’s by-laws and rules appropriately balance its legislated public policy objectives to ensure the safety, soundness and efficiency of Canada’s core clearing and settlement systems.

Lisa has over 15 years of experience within the Canadian payments industry. She has expertise in the regulatory space for payments within Canada and globally and a strong understanding of user needs and interests. She works closely with regulators, financial institution members, stakeholders and international counterparts to ensure that payments Canada’s legal framework continues to remain relevant and meet the emerging needs of Canadians.