Bank of Canada RPAA registration is mandatory for all payment service providers (PSPs) in the country. The Retail Payment Activities Act (RPAA) governs PSP registration and ongoing compliance requirements for PSP operations.
The PSP registry has been designed to help PSPs check active registration status. Your clients may also use the registry during onboarding to determine if your business is registered with the Bank of Canada.
To learn more about the PSP registry and how to check your status, explore our post below.
What is RPAA Registration in Canada?
Payment service providers in Canada are required to register their business under the Retail Payment Activities Act for compliance. The Bank of Canada oversees whether mandatory businesses have completed registration and may enforce action against those who haven't. Under the RPAA, your business qualifies as a PSP if you:
- Offer payment processing services
- Hold end-user funds
- Perform electronic funds transfer (EFT)
- Initiate and process money transfers
- Help with merchant acquiring
If your business offers one or more of these services, RPAA registration will be mandatory for you. Many PSPs also qualify as MSBs and are required to register separately with FINTRAC. In such cases, both RPAA registration with the Bank of Canada and MSB registration with FINTRAC become essential.
What is the Bank of Canada PSP Registry?
The Bank of Canada PSP registry is a public database that lists payment service providers under the RPAA. Businesses, financial partners, and banking partners can use the registry to confirm your PSP's registration status.
Promoting transparency and supporting Canada's financial framework is the main purpose of the PSP registry. For example, banking partners can use the database to see if your business has an active RPAA registration. The status may affect their decision to partner with your PSP for payment services and other transactions.
How to Check Your Status on the Bank of Canada PSP Registry?
Checking your status on the Bank of Canada PSP registry is straightforward due to the online system. You can use the following steps to check your registration status:
Step 1: Visit the Bank of Canada PSP Registry
You can access the official PSP registry by visiting the Bank of Canada's website. Navigate to the "Retail Payments Supervision" section on the website. The new page will ask whether you want information for everyone or specifically PSPs.
Clicking the latter option will redirect you to a page containing all resources related to RPAA registration, such as links to:
- Application Forms
- List of Current RPAA Registration Applicants
- PSP Registry
- Refused or Revoked Registrations
Press the "PSP Registry" button to access the current and valid public database. Always use the official Bank of Canada website to access the registry to avoid outdated information.
Step 2: Search Your PSP Using Its Legal Name
The Bank of Canada PSP registry allows you to search for your business in three ways:
- Legal Name
- Trade Name
- Head Office Country
Using your legal name for the search is the easiest way to check your registration status. If you entered the "head office country" name, you will have to look at the entire list for that country and find your business name, which may be less efficient.
Step 3: Confirm Your Bank of Canada RPAA Registration Status
Once you've entered your legal name, the database will display your business if your registration is active. The table will show your legal business name, trade name, head office country, and any violations committed.
If your PSP application is under review or your registration has been refused/revoked, your business name will not show up on the PSP registry. You can check your application status by viewing the list of current RPAA registration applicants on the Bank of Canada website.
The platform also has a database of "refused or revoked registrations" for transparency. This list contains the names of all businesses that submitted an application that was refused and the names of PSPs that were registered with the Bank of Canada, but whose statuses were revoked.
What to do if you haven't applied for RPAA Registration?
You must apply for RPAA registration immediately if you haven't already. Operating without an active registration may lead to non-compliance and enforcement measures by the Bank of Canada. Key steps you must take are:
- Confirm if your business qualifies as a payment service provider. A fintech legal advisor may help you assess and understand your business type
- Prepare your application materials if you qualify as a PSP under the RPAA
- Submit registration through the official PSP Connect portal designed by the Bank of Canada
Applying promptly reduces your risk of enforcement, but past violations may still be reviewed and pose a challenge to RPAA registration.
FAQs
Is RPAA Registration Mandatory for Retail PSPs who Deal With Foreign Currency?
Yes, RPAA registration is mandatory for all retail payment service providers who perform payment functions, including EFTs in Canadian or foreign currency. The RPAA only excludes digital currencies, banks, payment card networks, and certain other entities.
What does it mean if my PSP was on the PSP Registry previously, but no Longer Shows Up?
If your PSP previously showed up on the Bank of Canada PSP registry but no longer appears, it means your registration has been revoked by the regulator. Such measures are often taken when a PSP engages in non-compliance, such as failing to pay annual assessment fees or failing to provide requested information to the Bank of Canada upon enforcement.
What Happens if I Ignore Bank of Canada RPAA Registration Requirements?
The Bank of Canada has supervisory and enforcement authority under the RPAA. This means the regulator can issue penalties, revoke registration, or apply restrictions on your business if you ignore RPAA registration requirements.
List Your PSP on the Bank of Canada PSP Registry With Renno & Co. Fintech Today
Navigating Bank of Canada RPAA registration requires careful review of your payment functions, business model, and compliance framework. At Renno & Co. Fintech, we offer regulatory guidance to PSPs under the RPAA.
If you are unsure about your status in the Bank of Canada PSP registry, we can help you assess your obligations and develop a compliant path forward. Contact Renno & Co. Fintech today to discuss your RPAA registration strategy and build a stronger compliance foundation.
