It permitted the participating institutions and their clients to send large sums of money securely in real-time with complete certainty that the payment will settle.
[1][2][3] Established in 1999,[4] LVTS processed the majority of payments made every day in Canada, and was designed to work with funds in Canadian dollars (CAD).
On a normal business day, it cleared and settled approximately CA$398 billion.
As it settled on a deferred net basis at the end of each day, it was not a real-time gross settlement system.
[5] As of August 2021[update], there were 16 institutions, including the Bank of Canada, participating in LVTS:[6]