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October 26, 2023   FinTech and Alternative Finance, Innovation and Resources, Legal Issues, Regulation, Consultation, Regtech, Compliance, Governance   No comments

Preparing for Retail Payment Act Changes

Payments Regulation | Oct 26, 2023

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The final regulations under the Retail Payment Activities Act are expected to be published in the Canada Gazette II by the end of this year.

The Bank of Canada is providing the following update to Payment Service Providers (PSPs) to help them prepare for the imminent final regulations (link to Gazette I), registration, and ongoing supervisory requirements:

    1. The final regulations under the Retail Payment Activities Act in Canada are expected to be published in the Canada Gazette II by the end of this year, marking a critical phase in retail payments supervision.
    2. The Bank is currently focused on preparing to implement the new supervisory framework, indicating significant changes and preparations are underway.
    3. The implementation of the new framework will have direct implications for PSPs, necessitating their adaptation and compliance.
    4. PSPs will be required to register with the Bank of Canada under the Retail Payment Activities Act by late 2024, with additional supervisory requirements expected to be enforced in 2025.
    5. PSPs are urged to start preparing now to ensure compliance and readiness for the upcoming changes.
    6. Volunteer for the Registration Pilot, an initiative that offers a unique opportunity to familiarize yourself with the new processes and requirements. Participation in the pilot will provide valuable insights and help ensure a smooth registration process when it officially opens.  Learn more

See:  Bank of Canada Seeks Your Input on Transaction Reports

The upcoming changes under the Retail Payment Activities Act represent a significant shift in the retail payments landscape in Canada. Stay engaged, stay informed.

NCFA Jan 2018 resize - Preparing for Retail Payment Act ChangesThe 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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