Official full text with complete Chinese reference translation
Payment service providers are now under Supervision – Registry to follow
AI summary
The Bank of Canada confirms that the Retail Payment Activities Act supervisory regime is operational, registered payment service providers are under supervision, and explains the registry, risk management, incident reporting and ongoing compliance expectations.
Payment service providers should confirm registration status and establish risk, safeguarding, incident-reporting and governance controls required by the Bank of Canada.
Who this applies to: Retail payment service providers, payment platforms and their executives and compliance leaders
Implementation status: Current official material; effect and commencement remain subject to the source and later instruments
- Confirm registration and supervisory status.
- Establish operational-risk and incident-reporting controls.
- Monitor the Bank's registry and later announcements.
Payment service providers are now under Supervision – Registry to follow
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.
Official English source text captured from the cited government source.