The Bank of Canada’s mandate to supervise payment service providers (PSPs) under the Retail Payment Activities Act (RPAA) has come into effect, bringing PSPs within the Bank’s retail payments oversight framework. Supervision initially covers close to 1,500 PSPs that have applied under the RPAA, focusing on compliance with regulatory requirements to manage risks and safeguard end-user funds. National security screening of applicants remains coordinated by the Department of Finance. The Bank will begin publishing a Registry of PSPs and update it on a rolling basis as screenings are finalized and applicant names are provided by the Department of Finance.
Bank of Canada 2025-09-08
Bank of Canada begins supervising payment service providers under the Retail Payment Activities Act
The Bank of Canada has begun supervising payment service providers (PSPs) under the Retail Payment Activities Act, integrating them into its retail payments oversight framework. This initially covers about 1,500 PSPs, emphasizing compliance to manage risks and protect end-user funds. The Bank will publish a Registry of PSPs, updated as screenings are completed and names are provided by the Department of Finance.