Curiosity Alert: As of September 8, 2025, the Bank of Canada officially began supervising nearly 1,500 Payment Service Providers (PSPs) under the Retail Payment Activities Act (RPAA), marking a major shift in Canada’s digital payments landscape.
What’s Being Supervised—and Why It Matters:
- PSPs now face compliance requirements for risk management, safeguarding end-user funds, and ongoing reporting obligations via the Bank’s PSP Connect platform.
- A public registry of registered, refused, or pending PSPs will be published and updated regularly, increasing transparency across the financial ecosystem.
Why This Is a Game-Changer
The RPAA supervision creates a standardized regulatory framework for PSPs—from global fintech players to emergent startups—enhancing trust and security in Canada’s payment systems.
Don’t Get Left Behind—Gnowit Keeps You In the Loop
For fintech leaders, corporate affairs teams, and regulatory watchers, this change isn’t just a headline—it’s a strategic pivot. Gnowit’s Legislative Monitoring empowers you to:
- Automatically track updates to the Retail Payment Activities Act and related regulations.
- Stay informed of new PSP registry entries, refusals, and enforcement updates.
- Consolidate ministerial directives, committee reports, and key policy shifts across federal and provincial levels.
Full Details: Bank of Canada begins supervising Payment Service Providers under RPAA