by LAWPRO

Although our Canadian banking system is robust it lacks transparency. Payments Canada sets the rules for payments in Canada that all financial institutions must follow. Payments Canada manages two payments systems – ACSS and Lynx. 99% of all amounts you see in your account are via ACSS and revocable, meaning the bank can reverse the transaction. Lynx transfers, such as “wires” sent from a lawyer’s desktop, are, however irrevocable. The Lynx system creates a unique code once it accepts the transfer – the Payment Confirmation Reference Number – PCRN.

Banks have an obligation to provide the PCRN to any recipient on request but often fail to do so. I understand that users of ScotiaConnect automatically get the PCRN with their notification of a deposit. You should be asking your bank to do the same.

The interim alternative is for lawyers to help each other by providing the other side with the receipt of the funds they are sending that includes the PCRN.

Where is the PCRN?

If you are sending a transfer (“wire”) from your bank provided portal, after you have successfully sent the transfer, you need to go back into the portal, drill down and find the PCRN. The PCRN is a 16 alpha-numeric code that starts with “LVTS” + 12 more numbers or letters.

Here is how you find the PCRN in your system. This information has been verified by individual users. If your experience is different, please email me – [email protected]. We have not received confirmation for RBC or CIBC portals. If you are a user, please email me with how the instructions below are different.

ScotiaBank users (ScotiaConnect)

  1. Log in to ScotiaConnect
  2. Click on the “Payments” tab
  3. Click on the “Payment search” option
  4. Select the date range [from] and [to] dates
  5. Scroll down to view the payment results
  6. From the results list, select the payment you want to find the PCRN number for
  7. Scroll down to view the PCRN number starting with LVTS. Note the PCRN number may take some time to appear after the wire completes.

TD (Web Business Banking / Business Central)

  1. Sign in → Wires → Activity List → Sent to Bank → OK
  2. Find relevant wire in list → Click on ”Successful” → Print this Page
  3. If status is “Accepted” wait for it to change to “Successful” (may take 20-30 minutes). (TD Bank)

BMO (Online Banking for Business OLBB)

  1. Sign in → Payments & Receivables → Wire Payment → Manage Wire Payments
  2. Open the wire details/receipt; the LVTS/PCRN appears once settled. (Appears as a Wire Reference Number starting with LVTS). If you can’t see it in OLBB, contact BMO OLBB support to have them provide the PCRN for the transaction. (BMO)

CIBC (Cash Management Online / SmartBanking) Not verified. Seeking a user to confirm

  1. Sign in → Payments → Wire Payments → History/Reports
  2. Open the transaction details or the wire report/statement; the PCRN/LVTS will be present after settlement. If not visible, ask CIBC business support to provide the PCRN. The CBA confirms major banks can retrieve the PCRN. (CIBC Asset Management, CIBC, Canadian Bar Association)

RBC (RBC Express) Not verified. Seeking a user to confirm

  1. Sign in → Payments → Wire Payments → History/Track Wires (RBC Express supports real-time tracking)
  2. Open the completed wire; look for LVTS/PCRN in the details or on the Wire Activity Report/receipt
    If only a “Bank Reference” shows, call RBC Express Client Support and ask for the Lynx PCRN tied to that wire. (RBC, Retail Banker International)

We can all help each other increase the transparency of our banking system and give comfort to the recipients that they are receiving good irrevocable funds. This can help banks limit or not place holds on funds as they can be confident that they are good funds. This should help reduce the time it takes for money to be deposited into the recipient’s account.

This article is by Ray Leclair, VP, Public Affairs at LAWPRO ([email protected])

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