Retail Payments Activities Act Registration opens November 1, 2024

Starting in November 2024, payment service providers (PSPs) in Canada and abroad will be required to register with the Bank of Canada. Under the Retail Payment Activities Act (RPAA) and the Retail Payment Activities Regulations (RPAR), the Bank will supervise PSPs to help encourage confidence in the safety and reliability of their services and protect users from certain risks.  

The registration window for PSPs is open from November 1-15, 2024. Compliance with this new regulatory framework is essential to continue providing payment services to end users.  

For more information and to prepare for registration, visit the Bank of Canada’s website www.bankofcanada.ca/rps.  

Helpful links to help PSPs prepare for registration: 

What is expected of PSPs and how the Bank of Canada will supervise them:

• Retail payments supervision: Supervisory policies and guidelines

Determine if you are subject to the RPAA:   

• Criteria for registering payment service providers 

• Self-assessment tool

• Case scenarios for registering payment service providers  

Prepare and apply for registration: 

• Supervisory framework: Registration

• How to complete a registration application: A step-by-step guide 

Stay up to date:

• Subscribe to the retail payments supervision newsletter

Additional resources: 

• Watch past webinars on YouTube   

• Read frequently asked questions about retail payments supervision  

What PSPs need to know:  

• Retail payments supervision: Supervisory policies and guidelines (what is expected of PSPs and how the Bank of Canada will supervise them)