The new Retail Payment Activities Act (RPAA) is reshaping Canada's financial landscape by enhancing the safety and reliability of payment systems. Effective November 1, 2024, all Money Service Businesses (MSBs) providing payment services in Canada, including both local and international firms, must register as a Payment Service Provider (PSP) with the Bank of Canada as the first step toward compliance with the new regulations.
Advapay is at the forefront of this change, offering guidance and support for the registration process. Our services include:
- Representing clients with the Bank of Canada
- Providing regulatory guidance
- Creating a strategy for fulfilling new compliance requirements
- Developing documents that are mandatory for submitting the application with the Bank of Canada
- Preparing and submitting the PSP application
- Answering clarification requests
- Developing a comprehensive risk management and incident response framework that meets Bank of Canada requirements under the RPAA regulations
- Selecting a financial institution that is right for your business and aligns with the RPAA requirements
- Preparing and submitting the application
- Handling the on-boarding process
At Advapay, we understand the complexities of complying with new regulatory frameworks like the RPAA. Our specialized services are designed to guide PSPs through the registration process and ensure compliance with the RPAA’s requirements. We provide full support to meet all the registration requirements before the November 15, 2024 deadline and ensuring you're compliant with the new regulations that take effect September 8, 2025.
Contact us today to find out how we can help you navigate these changes with confidence and compliance.
