RPAA Registration Services for Canadian MSBs

This listing offers specialized RPAA registration services designed to help Canadian Money Service Businesses (MSBs) achieve compliance with the Bank of Canada's Retail Payments Activities Act (RPAA). The RPAA aims to enhance competition, security, and volume in payment systems through risk-based supervision. The service covers payment functions related to Electronic Funds Transfer (EFT) and all payment activities of PSPs operating in or directed towards Canada. PSPs holding funds are required to segregate them or maintain insurance/guarantees, a process facilitated by this offering through partnerships with TIER 1 banks for safeguarding accounts. The service has been in operation for over 3 years and has completed over 40 transactions.