What we learned from the Bank of Canada about the incoming Retail Payments Activities Act
We had some great learnings the Bank of Canada on June 13th about the RPAA in our webinar. Below are just a few highlights:
There is a four-step eligibility test to help you establish whether or not you are covered. You do not have to be a company company to be potentially impacted. This does NOT apply to currencies other than FIAT.
Section 2 of the RPAA defines five payment functions. You may need to register with the Bank if you perform at least one of the following functions:
provision or maintenance of an account that is held on behalf of one end user or more
holding funds on behalf of an end user
initiation of an electronic funds transfer at the request of an end user
authorization of an electronic funds transfer or transmission, reception or facilitation of an instruction in relation to an electronic funds transfer
provision of clearing or settlement services
There were also two case studies shared during the presentation. There are several examples on the RPAA webpage, as well.
Here is a link to frequently asked questions that may be helpful to you, as well. The bank has also released this recent update, which you may find helpful.
Should you have any questions, please contact the Bank of Canada via the following link: https://www.bankofcanada.ca/about/contact-information/general-inquiries/#online