Today the Bank of Canada’s mandate to supervise Payment Service Providers (PSPs) under the Retail Payment Activities Act (RPAA) came into effect.
The Bank was given this mandate with a view to enhancing the confidence of Canadians in the safety and reliability of payments systems.
The Bank of Canada is now supervising close to 1,500 PSPs that have applied under the RPAA for their compliance with regulatory requirements to manage risks and safeguard end-user funds.
The Department of Finance continues to coordinate the national security screening of the applicants. The Bank will begin to publish the Registry of PSPs, and update it on a rolling basis, as the screenings are finalized and names are provided to the Bank by the Department of Finance in due course.
The Bank will share updates as more information becomes available on its website.
Research Topic(s):
Retail payments supervision