Retail Payments Regulation | Nov 1, 2024
Image: Freepik
🚀 Registration Now Open for Retail Payment Service Providers
The Bank of Canada has officially launched the registration process and is now accepting registrations from payment service providers (PSPs) as part of the new Retail Payment Activities Act. This rule requires all PSPs in Canada to register to make the country’s retail payments safer, more dependable, and transparent. To comply, PSPs need to complete their registration on the PSP Connect portal by November 15, 2024.
- The updated regulations are in place to help PSPs manage risks and safeguard consumer funds with clear standards for compliance and accountability. PSPs are expected to follow specific guidelines to protect funds and operate effectively.
- To make this process easier, the Bank has provided step-by-step instructions, video guide, and dedicated support options for PSP Connect. This help ensures PSPs can successfully complete their registration and meet the requirements of the Act.
See: New Bank of Canada Case Scenarios for Retail Payments
- These changes fit into Canada’s larger plan to upgrade its payment systems. The goal is to create a secure, resilient and inclusive payment environment that adapts to new technologies.
📋 Next Steps for PSPs to Register
If you’re a PSP, here’s what you need to do to ensure compliance with the new Act:
- Create an Account on PSP Connect (Google chrome, Microsoft edge, Firefox). Access PSP Connect at https://rps.bankofcanada.ca/
- Complete and Save Your Registration Application. Fill in all required fields and upload necessary documents. You can save your progress and return if necessary.
- Submit Application and Pay the Registration Fee. Non-refundable registration fee of $2,500 Canadian (must be paid in full for your application to proceed)
See: Canada’s Retail Payments Boom: $11.9 Trillion Growing Fast
📞 Need Assistance?
If you have any questions or run into technical issues, here’s how to get support:
- Questions about the Registration Process: Email: rps-compliance@bank-banque-canada.ca
- Technical Issues with PSP Connect: Service Desk open Monday to Friday (7AM to 5PM Eastern)
- Free call North America: 1-888-882-8863
- Free call International: +800-782-27800
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org