Browse press

As of September 8, 2025, the Bank of Canada’s mandate to supervise Payment Service Providers (PSPs) under the Retail Payments Activities Act (RPAA) is in effect, including regulatory obligations related to operational risk and end-user funds safeguarding. The Bank and the Department of Finance have been made aware of possible unintended tax consequences for PSPs seeking to comply with the safeguarding requirements of the RPAA using the “in trust in a trust account” method.

Today the Bank of Canada’s mandate to supervise Payment Service Providers under the Retail Payment Activities Act came into effect.

Today the Bank of Canada’s mandate to supervise Payment Service Providers under the Retail Payment Activities Act came into effect.

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.

The Bank of Canada today published the list of companies that have applied to be registered under the Retail Payment Activities Act (RPAA).

The Bank of Canada said today it has opened the registration period for retail payment service providers (PSPs) that are subject to the Retail Payments Activities Act (RPAA).

Executive Director of Payments, Supervision and Oversight Ron Morrow talks about how payments have evolved in Canada and why it’s important to modernize our payment infrastructure.

Ron Morrow, Executive Director of Payments, Supervision and Oversight, talks about the evolution of payments in Canada, as well as the Bank’s new supervisory role for payment service providers.