Register as a Payment Service Provider under the RPAA
Are you a payment service provider (PSP) looking for expert guidance on navigating the Retail Payment Activities Act (RPAA) and ensuring compliance? As a PSP operating in Canada, it is crucial to understand the regulatory landscape that now governs your operations.
The RPAA is a significant piece of federal legislation that regulates and supervises retail payment activities in Canada, with the primary objective of ensuring the safe and secure movement of funds across the national economy. Patrola Law helps PSPs assess whether they are captured, register with the Bank of Canada, and build the compliance programs the RPAA requires.
Understanding the Retail Payment Activities Act
The RPAA is federal legislation introduced in Canada to address the risks associated with payment service providers and to regulate the rapidly evolving landscape of retail payment activities. It establishes a supervisory framework administered by the Bank of Canada, and its primary objective is to ensure the safe and secure movement of funds throughout the national economy.
If your business performs retail payment functions for end users, the RPAA likely applies to you, and registration is mandatory.
Key Features and Requirements
Who Has to Register
The RPAA captures payment service providers (PSPs) that perform retail payment activities, including holding end-user funds, payment initiation, authorization and the transmission of electronic fund transfers.
If you provide money-transfer, payment-processing, digital-wallet, foreign-exchange or similar services to customers in Canada, you are likely in scope and must register with the Bank of Canada. We confirm exactly how the Act applies to your business as the first step of every engagement.
Why the RPAA Matters
How We Register Your PSP
Scope Assessment
We review your payment activities against the RPAA to confirm whether, and exactly how, your business is captured.
Build Your Compliance Framework
We prepare the operational risk-management and fund-safeguarding frameworks the RPAA requires, together with your incident-response plan.
File with the Bank of Canada
We prepare and submit your PSP registration, managing the application and any follow-up requests from the Bank of Canada end to end.
Ongoing Compliance
We keep you compliant with reporting obligations and advise on changes as the regime and your business continue to evolve.
Patrola Law has been recognized as a top business law firm for multiple consecutive years by Three Best Rated, and trusted by fintech founders across Canada and around the world.
Full-Service RPAA Support
At Patrola Law, we understand the complexities of the Retail Payment Activities Act and the legal landscape surrounding payment service providers in Canada.
What Clients Say About Us
Patrola Law helped us obtain MSB Registration in Canada with FINTRAC. They also provided the advice and help we needed to establish our MSB Compliance Program and continue to help us remain in good standing. We happily depend on Patrola Law Corporation as our cherished business partner.
Patrola Law Corporation not only demonstrated a profound understanding of the regulatory landscape, but also guided us through every step with professionalism and clarity. We could not have asked for a better partner.
Quick turnarounds, professional advice, great communication, and no hidden costs. Patrola Law recently represented our company and we could not be happier with the result.
Frequently Asked Questions
The RPAA is federal legislation that regulates and supervises retail payment activities in Canada. It is administered by the Bank of Canada and aims to ensure the safe and secure movement of funds while protecting end users.
PSPs that perform retail payment activities such as holding funds, payment initiation, authorization or electronic fund transfers are generally captured. This includes many money-transfer, payment-processing, digital-wallet and foreign-exchange businesses operating in Canada.
Registration with the Bank of Canada is mandatory for in-scope PSPs. The initial registration window opened in November 2024, and new PSPs must register before they begin performing retail payment activities. We confirm your exact timeline during the scope assessment.
Operating in scope without registering carries significant penalties and enforcement actions, and can cut off your access to Canada's payment systems. Registering correctly protects your business and your customers.
We handle the full process: assessing whether you are captured, building your risk-management and safeguarding frameworks, preparing and filing your registration with the Bank of Canada, and supporting your ongoing compliance.