Retail Payments Supervision Support

Under the Retail Payment Activities Act (RPAA), Payment Service Providers (PSPs) must follow operational risk management standards. For clarity, a PSP means an individual or entity that performs payment functions as a service or business activity that is not incidental to another service or business activity (this includes MSBs that are already registered with FINTRAC).The RPAA generally applies to PSPs that perform any of the following five payment functions:

the provision or maintenance of a payment account;
the holding of end-user funds until withdrawn by the end user or transferred to another individual or entity;
the initiation of a payment at the request of an end user; or
the authorization of an electronic funds transfer, transmission,reception, or facilitation of a payment message; or clearing or settlement.

Requirements outlined under the RPAA, its associated regulations, and guidance apply to payment activities for PSPs with a place of business in Canada or those that provide services to end users in Canada. PSPs must have in place an operational risk management and incident response framework to ensure that the PSP is able to perform retail payment activities without reduction, deterioration or breakdown, and preserve the integrity and confidentiality of those activities, systems, data, and information.

In addition to the operational risk management and incident response framework requirements, PSPs that hold end-user funds must hold such funds in-trust or in a segregated account backed by insurance or guarantee.

How can we help you?*
What do you need?*
What type of training are you looking for?*
Type of Training (Other)*
What type of privacy consultation are you looking for?*
Privacy Consultation (Other)*
Where are you in the process?*
Progress (Other)*
What type of business are you?*
Type of Business (Other)*
Who do you want to hear from?*
What type of event are you holding?*
Type of Event (Other)*
What topics are you interested in?*
Topic (Other)*
Other Request*
Please tell us a bit about yourself.
Name*
First Last
Company Name*
Email*
Phone*
How did you hear about us?
How did you hear about us - Other
Any other comments?