The Bank of Canada (the Bank) is issuing this communication to remind all payment service providers (PSPs) registered under the Retail Payment Activities Act (RPAA) of their ongoing reporting obligations. These requirements are critical to the Bank’s supervision of PSPs under the RPAA, and support the safety, soundness and integrity of Canada’s retail payments ecosystem.

PSPs that do not meet reporting requirements are in violation of the RPAA and may be subject to enforcement action.

Summary of reporting requirements

The following reporting must be submitted by PSPs, as applicable.

Incident reporting

PSPs must report any incident they become aware of that has a material impact on an end user, a payment service provider or a clearing house of a clearing and settlement system. The initial notice must be made without delay but no later than 48 hours after the PSP determines the incident is material. The PSP should also submit a final notice once the incident’s root cause and impact are known. Interim reports may also be submitted. The Bank may require a PSP to issue follow-up notices, depending on the specific circumstances of the incident. In addition, the PSP must report incidents with a material impact to the affected end user, PSP or clearing house as well as to the Bank.

For details, including examples of incidents that must be reported, refer to:

Significant change or new activity reports

PSPs are required to notify the Bank of any significant change to their operations if the change could reasonably be expected to have a material impact on operational risks or the manner in which end-user funds are safeguarded, or before performing a new retail payment activity. Notification is required at least 5 business days before the change is made.

For details, including examples of changes that must be reported, refer to:

Reporting changes to registration information

PSPs must inform the Bank whenever there is a change, or anticipated change, to certain information the PSP provided during the registration process. Information that must be updated as it changes includes, but is not limited to: the PSP’s physical address or website address, information about a PSP’s third-party relationships, information on directors and major shareholders, and information about the personal or financial data collected by the PSP. These reports must be made to the Bank within specific timelines. In many cases, they must be provided 30 to 60 days before the change occurs.

For details, including the information that must be updated, the applicable timelines and whether PSPs must also submit a Significant Change or New Activity Notice, refer to the supervisory policy on reporting changes to registration information.

Acquisitions of control and prescribed changes

PSPs are required to submit a new application for registration, and become re-registered under that new application, before making certain changes to their organizational structure.

For details, refer to the supervisory policy on acquisitions of control and prescribed changes.

Annual reports

PSPs must submit an annual report to the Bank by March 31 of the year following the calendar year being reported on (“reporting year”). The report must include up-to-date information on risk management, incident response, safeguarding practices for end-user funds (if applicable), certain financial and activity metrics, and any other information the Bank may require to supervise PSPs. The annual report form may change from year to year.

For details, refer to the supervisory policy on annual reporting and the Step-by-step guide.

How to submit reports

All reports and notifications must be submitted to the Bank through PSP Connect. Please ensure that your organization’s contact information is up to date and that the assigned personnel are familiar with the submission process and timelines. PSPs may access the portal at https://rps.bankofcanada.ca/.

Support

The Bank is committed to helping PSPs understand and meet their regulatory obligations. Reporting guidance, step-by-step guides and additional resources are available on the Bank’s website to assist PSPs. PSPs are encouraged to consult these resources regularly for detailed guidance and instructions.

Content Type(s): Regulatory news
Subject(s): Retail payments, Reporting, Supervision