Today the Bank of Canada’s mandate to supervise Payment Service Providers (PSPs) under the Retail Payment Activities Act (RPAA) came into effect.
PSPs on the Applicant list are legally required to comply with RPAA obligations, including certain reporting requirements such as keeping information up to date on PSP Connect and replying to requests for information from the Bank.
The Bank has the authority to use enforcement tools if needed to ensure PSPs meet their obligations and to maintain the integrity and stability of Canada’s retail payments system.
As announced on August 8, 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, in the RPS newsletter, and via PSP Connect.
Research Topic(s):
Retail payments supervision