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September 28, 2023   FinTech and Alternative Finance, Innovation and Resources, Legal Issues, Regulation, Consultation, Payments, Transfers, Rewards, Research   No comments

Bank of Canada Seeks Your Input on Transaction Reports

BoC | Sep 28, 2023

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The Bank of Canada has extended an invitation to members of the Retail Payment Advisory Committee (RPAC) and the broader payment service provider (PSP) community to share feedback on its supervisory approach to transaction reporting.

The Bank is keen on understanding the current practices of payment service providers (PSPs) and aims to develop an effective strategy for transaction reporting. This initiative is not limited to RPAC members alone; the Bank is actively seeking diverse opinions from the entire PSP industry.

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By sharing your feedback, you will help the Bank gain insights into the current practices of PSPs and also contribute to the development of a robust transaction reporting approach.

Survey

The Bank has launched a survey to better understand the information needs of PSPs. This will aid PSPs in understanding the Bank's expectations and preparing for upcoming retail payment supervision. The results of this survey will shape the Bank's communication strategy, ensuring PSPs are well-informed and ready to comply with forthcoming legislation.  The survey is entirely voluntary, and the Bank guarantees that no personally identifiable information will be collected or shared. You can complete the survey here.

Registration Pilot for Retail Payment Activities Act

The Bank is gearing up for the enforcement of the registration requirement under the Retail Payment Activities Act, expected in the latter half of 2024. To ensure a smooth and efficient registration process, the Bank is launching a pilot program. They are seeking volunteers, both individuals and entities subject to the Act, to test the registration process. Information about this pilot will be shared by December 2023, with the pilot tentatively set to commence in April 2024. Interested parties can sign up using the online form.

Thanks For Your Feedback

NCFA Canada encourages all its members and stakeholders to actively participate in this feedback process. Your expertise and insights will play a crucial role in shaping the future of transaction reporting in Canada. Let's collaborate and ensure that the industry's voice is heard.

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For those wishing to share their feedback directly with the Bank of Canada, you can email your thoughts here by October 16, 2023.

Thank you for your continued commitment to advancing the fintech and alternative finance sectors in Canada.

NCFA Jan 2018 resize - Bank of Canada Seeks Your Input on Transaction ReportsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. 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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