Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Update on Retail Payments Supervision and PSP Registry
RPAA | Aug 11, 1015
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The Bank of Canada to Publish Registered PSPs (including declined applications)
The Bank of Canada is making important updates to the Retail Payment Activities Act (RPAA), with a new registry of payment service providers (PSPs) set to be published on September 8, 2025. Below is an overview of the key points:
Registration Deadline and Enforcement
If you’re a PSP subject to the RPAA and haven’t registered with the Bank of Canada by November 15, 2024, you must apply immediately. You must apply at least 60 days before starting retail payment activities. Failure to register could lead to enforcement action by the Bank. Learn more: Guide: PSP Registration with Bank of Canada (RPAA)
On September 8, the Bank will start publishing a list of PSPs that have registered under the RPAA, as well as entities whose applications have been refused. The registry will be updated on a rolling basis as more applications are processed. If your application hasn’t been fully processed by this date, it will be included in the list of unfinalized reviews.
Supervisory Requirements for Registered PSPs
Once the registry is live, registered PSPs will be subject to supervisory assessments by the Bank of Canada. They will need to comply with:
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- Operational risk management requirements
- Safeguarding of end-user funds requirements
- Reporting obligations under the RPAA
PSPs still on the applicants list must follow the same regulatory obligations but won’t have to meet all reporting requirements until their registration is finalized.
Cost Recovery
The Bank of Canada will start charging fees to PSPs to recover supervision costs, once the cost recovery formula and regulations are finalized.
Why This Matters
The new PSP registry and supervisory requirements are critical to improving the oversight of retail payment activities in Canada. Ensuring that Payment Service Providers comply with the RPAA will improve operational security and protect client funds, benefiting the entire payments ecosystem.
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Stay updated by visiting the Bank of Canada website or by checking PSP Connect for further updates. If you have questions about the registration application process, email RPS Compliance or get in touch with general inquiries via their contact form.
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