The Bank of Canada (The Bank) has announced that effective September 8, 2025, it will publish a list of Payment Service Providers (PSPs) that have registered under the Retail Payment Activities Act (The Act). On that same day, the Bank will also publish the names of entities whose applications have been refused registry.
PSPs on the registry will be subject to supervisory assessments by the Bank. Registered PSPs are expected to comply with obligations for operational risk and safeguarding of end-user funds, as well as reporting under the Act. PSPs that remain on the applicant list are also expected to comply with the same regulatory obligations but will not need to follow all reporting requirements until they become registered.
The Bank will maintain a list of individuals and companies that have applied to register, but whose reviews have not yet been finalized. It advises that not all submitted applications will be fully processed by September 8th. The Bank will update the registry on a rolling basis as more PSPs are registered.
Further updates will be published by the Bank on its website and on its PSP Connect portal.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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