The Bank of Canada today published the list of companies that have applied to be registered under the Retail Payment Activities Act (RPAA). The publication of the applicants’ list is the latest milestone as the Bank takes on the mandate of supervising retail payment service providers.
The Bank estimates that companies that have applied to register, whether located in Canada or abroad, represent a majority of the Canadian retail payment service market.
“I’m pleased by the extent of companies that applied to register,” said Ron Morrow, Executive Director of Payments, Supervision and Oversight at the Bank of Canada. “The size and scope of companies on the list show how seriously members of the payments community are taking their obligations under the law, and that this new supervisory regime is off to a good start.”
The searchable list will be regularly updated as more companies submit applications. The list does not include companies working with the Bank to clarify whether they are in scope of the RPAA.
The Bank is following up with companies it believes are in scope of the Act but have not yet applied to register.
“Companies need to be on the applicants’ list in order to keep legally offering retail payment services,” said Carol Brigham, Managing Director of the Bank’s Supervision Department. “Those that haven’t applied but continue to operate may be violating the law and subject to enforcement actions.”
Under the RPAA, the Bank can encourage compliance through enforcement actions such as monetary penalties and court orders.
Over the next 10 months, the Bank will review the applications it receives, and the Department of Finance will conduct national security reviews of the applicants. On September 8, 2025, the Bank will start to publish a list of successfully registered applicants, as well as a list of any applications that were refused.
After that date, all payment service providers operating in Canada will be required to show how they are meeting legislative requirements for managing key risks and safeguarding users’ funds. By registering with the Bank and complying with the legislation, payment service providers give Canadians confidence in the retail payment services they use every day.
“The companies that have applied to register have taken an important first step,” Ms. Brigham said. “Now, it’s up to them to look at their operations, determine if they meet our supervisory expectations, and make any changes needed.”
Topic(s):
Retail payments supervision