The Bank of Canada today issued a temporary order to XTM Inc. (XTM) to immediately cease performing any retail payment activities. This order applies to XTM and its affiliated entities. The order prohibits XTM or its affiliates from conducting any transactions or withdrawals from accounts associated with the AnyDay platform.

The Bank issued this order under section 94 (4) of the Retail Payment Activities Act (RPAA). The Bank has serious concerns that XTM failed to safeguard client funds in its possession and has reason to believe that allowing XTM to continue to perform retail payment activities could be prejudicial to the public’s interest.

See: Temporary order made by the Bank of Canada to XTM Inc.

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Content Type(s): Press, Press releases
Subject(s): Retail payments supervision