Scotiabank welcomes the implementation of the LVTS in Canada.
While Canadians have always enjoyed a safe and secure payment system due to the soundness of their financial institutions, the launch of LVTS improves on this by providing complete assurance that payments will be final and irrevocable on a same-day basis.
LVTS, with its risk reduction features of guaranteed settlement and finality of payment, enhances the acceptability of the Canadian Dollar in world markets.
The development of LVTS highlights that advantages can be realized for our nation when financial institutions work cooperatively through the CPA.
The finality of payment which LVTS renders possible is a milestone and a necessity for our five million members.
The National Bank of Canada takes pride in its active participation in the development of LVTS.
To provide the security the LVTS needs, we felt we had to use a state-of-the-art solution,' Cole says.
Luna2, a high-performance encryption coprocessor in a PC Card format, provides security for individuals in LVTS organizations.
This would enable individuals to move from system to system, which was another of the criteria LVTS set.
Cole evaluated other encryption tokens, but only Luna2 met all the LVTS criteria.
The user's 'digital identity' - the digital certificate authenticating the user, the password verification giving the user access to the LVTS network, and the user's private and public encryption keys - is contained on Luna2.