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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.