On September 8, 2025, the Bank of Canada will begin to publish a list of Payment Service Providers (PSPs) that have been registered under the Retail Payment Activities Act, as well as the names of entities whose applications have been refused. Not all submitted applications will be fully processed by Sept. 8. The Bank will update the registry on a rolling basis as more PSPs are registered.
The Bank has reviewed the applications to ensure they are complete and that the entities are within the scope of the Act. The Department of Finance is coordinating the national security screening process, which is ongoing. The Bank will maintain the list of individuals and companies that have applied to register, but whose reviews have not yet been finalized.
PSPs on the registry will be subject to supervisory assessments by the Bank. Registered PSPs are expected to comply with obligations for operational risk and safeguarding of end-user funds. They will also need to follow all obligations for reporting under the Act.
PSPs that remain on the applicant list are also expected to comply with the same regulatory obligations but will not need to follow all reporting requirements until they become registered.
The Bank will begin charging fees to payment service providers to recover its supervision costs in due course, after the cost recovery formula and regulations are finalized.
The Bank will share updates as more information becomes available on its website, in its newsletter, and via PSP Connect.
Research Topic(s):
Retail payments supervision