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.  

In this conversation, Alicia Roisman Ismach interviews Eddie Galvan of Wellesley Hills Financial, an investment banker specializing in fintech. They discuss the role of investment bankers in helping fintech companies with sales mechanics, raising capital, and establishing credibility. They also explore the different rounds of investment and when companies should consider working with an investment banker. They touch on the various sources of funding for startups, including high net worth individuals, family offices, and angel investors. They also discuss the potential for Canadian fintech companies to raise funds from US investors and the current landscape of fintech investments. Finally, they address the challenges faced by bootstrapped companies in bridging the gap to institutional funding and the interest of banks in investing in fintech companies.

In this conversation, Alicia Roisman Ismach interviews Stuart Levine, a fractional FinTech consultant, about the impact of generative AI on the financial services industry. They discuss how financial institutions are adopting generative AI capabilities in areas such as lending, credit scoring, document management, customer experience, and fraud detection. They also explore the challenges of trust and accuracy in using generative AI and the potential for AI to replace core banking systems. The conversation highlights the importance of data privacy and the need for clarity in distinguishing between different AI technologies.