Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Bank of Canada Releases New Guidance for PSPs
Retail Payments | March 6, 2025
Image: Freepik/prostooleh
PSPs Must Protect End-User Funds, Here's What the New Rules Require
The Bank of Canada has shared two new guides (see below) to help payment service providers (PSPs) prepare for supervision under the Retail Payment Activities Act (RPAA). The new materials explain the key rules PSPs must follow and offer practical tips to make compliance easier.
See: New Bank of Canada Case Scenarios for Retail Payments
By September 8, 2025, PSPs must follow new rules for managing risks and protecting customer funds. They should be fully prepared by this date, or at least show that they have identified any gaps and are actively working to fix them. PSPs will also need to start meeting reporting requirements on the same date.
Registration Reminder for PSPs
PSPs subject to the RPAA had until November 15, 2024 to apply for registration with the Bank of Canada. Those who have not yet registered must do so immediately—at least 60 days before beginning retail payment activities. Failure to register may lead to enforcement actions.
Two New Supplementary Materials for PSPs
The two documents on Operational Risk and Incident Response (7 page PDF) and Safeguarding End-User Funds (8 page PDF) provide additional clarity on official guidelines (it doesn't replace them). The two new pieces of guidance should be reviewed by PSPs along with the following regulatory documents:
- Operational Risk and Incident Response Guideline
- Safeguarding End-User Funds Guideline
- Retail Payment Activities Act (RPAA)
- Retail Payment Activities Regulations (RPAR)
1. Operational Risk and Incident Response
This document helps PSPs understand how to handle risks and deal with unexpected issues in their payment services. PSPs need a solid plan to keep their operations secure and running smoothly. This means identifying possible risks, taking steps to prevent problems, and having a clear process for fixing issues when they happen. If a major problem affects their business, PSPs must notify the Bank of Canada within 48 hours. They also need to regularly check and update their risk management plans to make sure they remain effective. If PSPs use third-party providers, they must also ensure those providers follow proper risk management practices to stay compliant.
2. Safeguarding End-User Funds
This document explains what PSPs need to do to keep customer funds safe. PSPs must make sure that customer money is kept separate from their own by storing it in a dedicated account only for safeguarding. They can protect these funds by using a trust account, purchasing insurance, or securing a financial guarantee, as required by the RPAA.
See: BoC Publishes Final Guideline on Safeguarding End-User Funds
PSPs also need to have a clear, written plan outlining how they meet these safeguarding requirements. Regular checks should be done to confirm funds are properly protected, and an independent review must take place at least once every three years. These steps help ensure that customer funds stay secure and available, even if the PSP faces financial challenges.
Next Steps for PSPs
The Bank of Canada has also updated the Supervisory Framework: Supervision page with the two new documents. To avoid enforcement actions and ensure a smooth transition, PSPs should take proactive steps now to meet their obligations before September 8, 2025.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
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