With the registration provisions of the Retail Payment Activities Act (RPAA) taking effect on November 1, 2024, there is growing interest in understanding what information will be shared publicly in respect of payment service providers that are subject to the Act. The Bank of Canada is expected to release several key lists, alongside information as further specified in the RPAA and summarized below.

These publications will be crucial for stakeholders eager to understand who is entering the market, as well as the criteria for registration and compliance. Additionally, information about refusals, revocations, and violations will enhance transparency and accountability within the retail payment sector.

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List

Content

Anticipated Release Date

1

Expected applicants
  • ~3,000 individuals or entities that the Bank expects to apply for registration pursuant to the RPAA by November 15, 2024.

 

 

This is an internal list for use by the Bank. It will not be released to the public.

(The list will be used by the Bank to follow-up with those that it identified but did not register.

PSPs that perform retail payment activities but do not register with the Bank may be subject to enforcement action in accordance with the RPAA.)

2

Applicants during transition period[1]
  • The name (and if applicable, trade name) of the applicants that submit applications during the transition period;
  • the address, telephone number; email address of the applicant’s place of business; and
  • the applicant’s website address, if any.

The Bank is expecting to publish the list by the end of the year.

3

PSP registry[2]
  • Any names (legal and trade names) of the registered payment service provider;
  • the date on which the payment service provider was registered;
  • the payment service provider’s civic address—or that of their head office, if applicable—and their primary mailing address;
  • the payment service provider’s telephone number;
  • the payment service provider’s email address;
  • the payment service provider’s website address, if any;
  • the payment functions performed by the payment service provider; and
  • the names of all agents and mandataries that perform functions on behalf of the payment service provider.

The Bank’s PSP registry, including a list of refusals and revocations will be available starting on:

September 8, 2025

Note: Between November 1, 2024 and September 7, 2025, there is a transition period during which the Bank cannot inform an applicant about the outcome of their application unless the Minister of Finance issues a directive to the Bank to refuse an applicant.

 

4

Refusals and revocations
[3]
  • The individuals or entities that the Bank has refused to register and the payment service providers that have had their registrations revoked; and
  • the reasons for a refusal or revocation.

5

Violations[4]
  • The nature of the violation;
  • the name of the payment service provider; and
  • the amount of any penalty imposed.

The Bank may include the reasons for its decision to issue the notice of violation and any related decision, including the relevant facts, analysis and considerations that formed part of the decision.

The Bank will publish information about violations in the months following registration, as individual notices of violation are issued and served.

 

 

 

 
 
 

[1] Section 107 of the RPAA and section 54 of the Retail Payment Activities Regulations (RPAR).

[2] Section 26 of the RPAA and section 23 of the RPAR. The RPAA includes a transition period for payment service providers (PSPs) to apply to register with the Bank of Canada. During the transition period (from November 1, 2024 to September 7, 2025), the regulations prescribe a 15-day period within which PSPs must submit their application for registration. PSPs can continue to perform retail payment activities during this transition period only if they have submitted an application to the Bank. Furthermore, if an individual or entity plans to begin performing retail payment activities during the transition period, it must apply for registration with the Bank and wait a prescribed period of 60 days before beginning to perform these activities.

[3] Section 27 of the RPAA.

[4] Section 93 of the RPAA.