BANK OF CANADA · PSP
RPAA registration in Canada
Move your payment business forward with RPAA registration support. We help prepare your Bank of Canada PSP application and the documentation behind it.
FOCUSED SUPPORT
A clear scope.
A practical next step.
For an MSB, FMSB or growing payment platform, the next step begins with understanding the payment functions you perform. We connect scope assessment, application preparation and regulatory communication.
Payment function and scope assessment
PSP application documentation
Operational risk and safeguarding preparation
Submission and regulatory communication
IS THIS FOR YOU?
For payment businesses developing their Canadian presence
This service supports companies assessing payment activities involving Canada, including MSBs and FMSBs expanding into PSP operations. Existing FINTRAC registration is a starting point for understanding your business, not a substitute for RPAA assessment.
FROM PLAN TO PROGRESS
From payment flows to application readiness
Understand the funds journey
Map who holds funds, initiates transfers and performs other payment functions. Clarify which entities and service providers are involved.
Assess the registration scope
Review the proposed activities and Canadian connection. Identify the information needed to evaluate the registration route.
Prepare the documentation
Coordinate the application information and relevant operational risk, incident response and safeguarding materials around the business model.
Manage the next steps
Support submission, regulatory questions and planning for the obligations relevant to the registered business.
YOUR STARTING POINT
Bring the payment model into focus
A useful initial brief explains what happens to a payment from instruction to settlement.
- Legal entities, ownership and FINTRAC status, if applicable
- A diagram or description of payment functions and funds flows
- Customer countries, volumes and payment partners
- Whether end-user funds are held and how
- Existing risk, incident response and safeguarding documentation
MAKE AN INFORMED DECISION
A registration with a wider operational purpose
A verifiable PSP status
Registered providers appear in the Bank of Canada’s public registry. Partners can check the status as part of their own assessment.
Readiness beyond the application
The project should account for ongoing responsibilities. Documentation needs to reflect the processes your business can actually operate.
THE QUESTIONS THAT MATTER
RPAA registration in Canada: your questions
Do all MSBs need RPAA registration?
The assessment depends on payment activities and the scope of the framework. An MSB label alone does not determine the answer.
Is RPAA registration a banking licence?
No. The Bank of Canada registers and supervises PSPs under this framework; registration is not a banking licence or an endorsement.
Does registration secure banking access?
It provides a publicly verifiable status. Banks and payment partners still assess the business independently.
What affects project timing and fees?
The number of entities, payment functions, documentation gaps and regulatory follow-up affect the scope. We discuss the work and dependencies before starting.
CONNECT THE NEXT STEP
Build the wider picture
Coordinate your PSP project with FINTRAC MSB/FMSB registration and bank or EMI onboarding.
Official reference: Bank of Canada supervisory framework.
CONNECTED EXPERTISE
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YOUR NEXT CHAPTER