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BoC Update for PSPs: New Registration Guide and Supervisory Policies Available

Payments Regulation | Feb 14, 2024

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Important Update for Payment Service Providers: New Registration Guide and Supervisory Policies Now Available

The National Crowdfunding & Fintech Association of Canada (NCFA) is committed to keeping its members informed about significant regulatory changes affecting the fintech sector. In line with this commitment, we are sharing an important update from the Bank of Canada regarding the registration process for payment service providers (PSPs) under the Retail Payment Activities Act (RPAA).

Registration Window Opens November 1, 2024

The Bank of Canada has announced that PSPs must register under the RPAA and its regulations starting November 1, 2024. The deadline for submitting a registration application is November 15, 2024. This registration is a critical step for PSPs operating in Canada, ensuring compliance with the latest regulatory standards and contributing to the integrity and security of the retail payments ecosystem.

New Registration Guide Released

To assist applicants in navigating the registration process, the Bank of Canada has released a comprehensive step-by-step guide. This guide is designed to help PSPs gather the necessary documents and information required to complete the application form accurately and efficiently.

Reporting Requirements

A key component of the registration process involves the reporting of quantitative metrics related to retail payment activities. PSPs are required to report these metrics at the time of registration and subsequently as part of their annual reporting. The Bank of Canada's newly released policy provides detailed guidance on these reporting obligations, ensuring PSPs understand how to comply effectively.

Amendments to Registration Applications

The Bank of Canada emphasizes the importance of maintaining accurate and up-to-date information throughout the registration process. Applicants are responsible for notifying the Bank of any changes to the information provided in their application. The latest policy update outlines the procedure for notifying the Bank of any such changes, ensuring transparency and compliance.

Resources and Further Information

For PSPs preparing for registration, the Bank of Canada's website offers a wealth of resources and information to guide you through the process. We encourage all our members and stakeholders in the payment services sector to review these materials carefully to ensure a smooth and successful registration experience.  Visit the Bank of Canada's website on Retail Payments Supervision for more information.

Other links you may be interested in:

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

BoC Speech: Essence of the New Retail Payment Activities Act

Final Retail Payment Regulations Released Paving Way For Implementation

Canada’s New Retail Payment Regulations: Registration and Compliance


NCFA Jan 2018 resize - BoC Update for PSPs:  New Registration Guide and Supervisory Policies AvailableThe 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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