Retail Payments Supervision – Bank of Canada Issues Update and Reminder for Payment Service Providers

The Bank of Canada has announced that, although the transition period will end and the regulatory requirements under the Retail Payment Activities Act (RPAA) will come into full force as scheduled on September 8, 2025, the review of all registration applications will not have been completed by that date.

While the Bank has reviewed all applications for completeness and for scope (i.e., whether the RPAA applies to the activities described), the Department of Finance continues to coordinate the national security screening process. Applicants have likely heard from the Bank if further information for their application is required. 

To read the announcement, click here.

The Bank indicated it will publish lists of applicants on September 8. If the RPAA does not apply to an applicant, their name will likely appear on a list for refused applications. The Bank will also maintain a list of applicants whose applications have not been fully processed. Payment service providers (PSPs) that remain on that list past September 8 will still need to comply with the RPAA, other than for reporting purposes. The Bank will update its published lists regularly.

In its email circulating the announcement, the Bank also reminds PSPs conducting retail payment activities that they should have applied for registration. If they have not, they should apply immediately, as PSPs are required to apply at least 60 days before commencing retail payment activities.

Goodmans monitors legislative and regulatory developments, including guidance from the Bank concerning the RPAA, and we are available to assist our clients in navigating the new supervisory regime. For more information, please contact Brian Empey or any other member of our Financial Services Regulatory Group.