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 Retail Payments Activities Act (RPAA) and register with the Bank of Canada (BoC). The service aims to address existing regulatory gaps in Canadian payment services, thereby increasing competition, security, and volume of payments, while enabling risk-based supervision by the BoC. The offering includes assistance with payment functions related to Electronic Funds Transfer (EFT), all payment activities of PSPs with a place of business in Canada, and payment activities of foreign PSPs directed at Canadian end-users. The provider highlights strong partnerships with local Canadian Insurance providers and EU banks to ensure the safeguarding of client funds through segregation, trust accounts, or insurance/guarantees, as mandated by the RPAA for PSPs holding client funds. The service has been operating for over 3 years and has completed over 40 transactions.