Payment Rules | August 28, 2024
Image: Freepik/Drazen Zigic
Prepare for PSP Registration Under the Retail Payments Activity Act (RPAA) on November 1
Under the Retail Payments Activities Act (RPAA), PSPs are subject to supervision by the Bank of Canada to ensure the security and reliability of their services.
- With Registered on November 1, 2024 As the deadline approaches, PSPs will need to prepare to comply with the Bank of Canada’s requirements.
- PSPs must submit their registration applications no later than the following dates: November 15, 2024It takes time, so you need to prepare.
Feedback from registered pilots
~ in April 9, 2024The Bank of Canada has launched a registration pilot. 54 voluntary PSPs Helps to evaluate the PSP Connect online portal and application process before the official registration process. The pilot involved a variety of companies, including cross-border payments, digital wallets, and BNPL, who submitted mock registration forms and provided feedback on the application process, online portal, and accompanying materials.
Overall, the PSP Connect site was described by pilot participants as intuitive and user-friendly. Some recommendations have been made:
- Simplify the account creation process
- Please keep the application form as simple as possible.
- To ensure consistency and understanding, we clarify terms and concepts used online and in documentation.
see: Guide: Registering a PSP with the Bank of Canada (RPAA)
There were also some technical challenges that were noted in the feedback: browser compatibility and mobile responsiveness. Compared to mobile platforms, users Using Microsoft Edge or Google Chrome browsers on a desktop computer will reduce the number of problems.. One last thing to note is this: The application is comprehensive and takes a long time to complete..
otherwise, Our technical staff is working to streamline processes and improve data exchange processes.
* IMPORTANT BOC WEBINAR * October 3, 2024 – Preparing for registration
On October 3, BoC will provide PSPs with a detailed explanation of the registration process, and PSPs will have the opportunity to ask questions about the process, the PSP Connect platform, and tools/services. If you are a PSP looking to have a positive registration experience, don’t miss this webinar!
Register for the BoC webinar –> here
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