Preparing for Retail Payment Act Changes | National Crowdfunding & Fintech Association of Canada

Payments Regulation | Oct 26, 2023

The final regulations under the Retail Payment Activities Act are expected to be published in the Canada Gazette II by the end of this year.

The Bank of Canada is providing the following update to Payment Service Providers (PSPs) to help them prepare for the imminent final regulations (link to Gazette I), registration, and ongoing supervisory requirements:

1. 1. The final regulations under the Retail Payment Activities Act in Canada are expected to be published in the Canada Gazette II by the end of this year, marking a critical phase in retail payments supervision.
   2. The Bank is currently focused on preparing to implement the new supervisory framework, indicating significant changes and preparations are underway.
   3. The implementation of the new framework will have direct implications for PSPs, necessitating their adaptation and compliance.
   4. PSPs will be required to register with the Bank of Canada under the Retail Payment Activities Act by late 2024, with additional supervisory requirements expected to be enforced in 2025.
   5. PSPs are urged to start preparing now to ensure compliance and readiness for the upcoming changes.
   6. Volunteer for the Registration Pilot, an initiative that offers a unique opportunity to familiarize yourself with the new processes and requirements. Participation in the pilot will provide valuable insights and help ensure a smooth registration process when it officially opens.  Learn more

See:  Bank of Canada Seeks Your Input on Transaction Reports

The upcoming changes under the Retail Payment Activities Act represent a significant shift in the retail payments landscape in Canada. Stay engaged, stay informed.

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