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Bank of Canada: The Latest on Retail Payments Supervision and Survey

Bank of Canada (via email) | Aug 8, 2022

Retail Payments - Bank of Canada: The Latest on Retail Payments Supervision and SurveyThe Retail Payments Advisory Committee (RPAC) met on June 16, 2022, for a demonstration of the digital tools the Bank of Canada is developing as part of its retail payments supervision (RPS) mandate. These tools include:

  • the self-assessment questionnaire to help businesses determine whether they should register with the Bank as a payment service provider (PSP) as defined in the Retail Payment Activities Act
  • a web portal for applicants and PSPs to communicate with the Bank and to submit information, such as registration applications and mandatory reports

We asked participants for their views on:

  • the content of the self-assessment questionnaire.
  • the design and functionality of the application form to register with the Bank;
  • potential roles of users within a PSP and the access requirements for their accounts with the Bank; and
  • other practical tools to provide signatures and pay fees.

The summary provides insight into the committee’s discussion and how the Bank will use the feedback. Read the summary

See:  BoC: Retail Payments Supervision Meeting Summaries for registration, governance and fees

Give your feedback on the self-assessment questionnaire

The Bank is seeking feedback on the RPS self-assessment questionnaire from industry stakeholders who are not members of RPAC.  Take a moment to watch a short video demonstration of the questionnaire and answer our survey. We will use your feedback to finalize the questionnaire. Take the survey

Find out if you may need to register with the Bank

We have updated our website with information on the registration scope of the RPAA. Learn more about the payment functions that may be performed by PSPs.  Learn more

Continue to learn more about Retail Payment Supervision and the Retail Payment Activities Act --> here


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