The LVTS (Large Value Transfer System) payment in Canada is a local electronic bank transfer (wire transfer), in Canadian dollars, that uses SWIFT MT103 and can be made from any personal and business bank account with any Canadian bank.

For a local payment, LVTS can be quite expensive and may cost up to CAD 50. For example, an MT103 SWIFT based SEPA payment made within the EU often costs less then 1 euro whilst international wires using the MT103 can cost as low as USD 20.

However, being irrevocable, virtually unconditional and secure, LVTS is a prime choice for large volume transactions and interbank settlements. By volume, LVTS stands for over 90% of all transactions in Canada, making it the backbone of the financial system.

We expect that in the near future LVTS will become cheaper and will be promoted for daily transactions similarly to SEPA in the EU.