Latest BoC Update for Retail Payment Service Providers

Retail Payments | Nov 18, 2024

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What’s Next for Retail Payments Supervision?

Registration for the Retail Payment Activities Act (RPAA) with the Bank of Canada has now wrapped up. If you're a Payment Service Provider (PSP), here's what you need to know about staying compliant, avoiding fines, and operating during the transition period, staying compliant.

1. Transition Period (November 1, 2024 - September 7, 2025)

The transition period allows PSPs who applied on time to keep operating while the Bank of Canada reviews their applications. If you haven’t applied yet, you need to do so right away to stay on the right side of the law.

2. Why You Need to Apply Now - Enforcement

If you’re operating without being registered, you could face heavy fines up to $10 million for serious violations. The Bank of Canada can issue notices if they think you’re breaking the rules.  See enforcement tools.

3. Keep Your Application Up to Date

• Check your email regularly, just in case the Bank asks you for more details as they review your application.
• If anything changes after you’ve applied, update your application right away through PSP Connect.  See amendments to registration applications.

4. Starting Operations During the Transition Period

• If you applied on time, you can start your payment activities whenever you're ready.
• If you're planning to start operating now, make sure you applied at least 60 days before beginning.

See:  Key Findings from 2025 Advanced Payments and Fintech Survey

• If the transition period is nearly over and you still haven’t applied, you’ll need approval before you can start operating.

What You Should Do Next

• The Bank will publish final registration decisions in September 2025.
• If you haven’t applied yet, do so as soon as possible.
• Keep an eye on updates from the Bank of Canada about your application.
• Update any changes to your application right away.

Need help? Contact the Bank of Canada through this general inquiries form.

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