RPAA registration services with Bank of Canada

We are pleased to inform you that we are now launching our dedicated department to assist Canadian MSBs to come in compliance with the RPAA and complete their registration with Bank of Canada (BoC).

What the Retail Payments Activities Act (RPAA) mean for payment services?

With the RPAA, the BoC intends to address existing gaps that, currently, are not covered by Canadian regulations in order to achieve the following goals and objectives:
- Increase competition, security and volume of payments
- Provide risk-based supervision
The BoC will maintain a public list of all registered PSPs.

What is the scope of the RPAA?

- Payment functions related to Electronic Funds Transfer (RFT) from one end user to another, using a PSP
- All payment activities of PSPs with a place of business in Canada
- Payment activities of foreign PSPs directed or performed for end users in Canada

According to the RPAA, Payment Service Providers (PSPs) entrusted with holding funds for end-users are required to safeguard these funds by segregating them and holding them in trust, or by maintaining insurance or a guarantee for the funds.
We are proud to announce our strong partnership with local Canadian Insurance providers and EU banks for the segregation and safeguarding of clients funds!