PSP Registration with the Bank of Canada
Register your payment service provider under the Retail Payment Activities Act. We guide you through Bank of Canada PSP registration, from RPAA assessment to approved application, so you can operate compliantly across Canada.
Understanding PSP Registration Under the RPAA
Since September 2025, every payment service provider performing retail payment activities for Canadian end-users must register with the Bank of Canada. Our specialists first confirm whether the RPAA applies to your business model, then prepare a complete PSP online registration that is built to satisfy the regulator.
Two Federal Registrations, One Process
Most Canadian PSPs face two mandatory registrations: FINTRAC as a money services business under the PCMLTFA, and the Bank of Canada under the RPAA. These regulators have separate portals, obligations, and enforcement powers. We coordinate both concurrently, aligning your AML compliance program with the operational risk framework the Bank of Canada expects.
RPAA Assessment
We confirm which retail payment functions trigger Bank of Canada registration for your business.
Application Preparation
We compile and submit your full PSP application through the PSP Connect portal.
Risk Framework
We build the operational risk and incident response framework the RPAA requires.
Fund Safeguarding
We document end-user fund safeguarding arrangements in the Bank of Canada format.
Ready to Simplify Your Compliance?
Who We Help Register
We support fintechs, digital wallets, remittance operators, payment gateways, and international payment businesses entering the Canadian market. Whether you are launching or already operating, we align your registration with your specific payment activities and customer base.
We support banks with program design, oversight, & regulatory examination readiness.
We help credit unions meet obligations proportionate to their membership and scale.
We handle registration, renewals, reporting, & controls FINTRAC expects from you.
We cover Bank of Canada registration alongside your anti money laundering obligations.
We establish what your wallet activity triggers, then build only what applies.
We build compliance around what your product does, before volumes and questions arrive.
We register virtual currency dealers and build the reporting their activity demands.
We support financial institutions across registration, program build, and reporting duties.
Why Choose Our PSP Registration Team
Dual Expertise
We manage FINTRAC and Bank of Canada registrations together, closing the gap firms miss when treating them separately.
Framework Included
Your operational risk framework and safeguarding documentation are built into every engagement, ready for Bank of Canada examination.
Timeline Managed
We plan around the sixty-day pre-commencement rule, so new PSPs receive approval before any payment activities begin.
Serving PSPs Across Canada
We support payment service providers nationwide, from Ontario and Quebec to British Columbia and Alberta, as well as international firms directing services at Canadian end-users. Wherever you operate, your registration meets federal requirements.
Let's Talk About Your Compliance Needs
Schedule a Free Consultation
Whether you’re starting a new MSB or need ongoing AML support, our team responds within one business day.
PSP Registration Questions
Clear answers to the questions payment service providers ask most about Bank of Canada PSP registration and the wider RPAA compliance process.
Who must register as a PSP?
Any business performing retail payment functions for Canadian end-users must register, including holding funds, initiating transfers, or maintaining payment accounts, wherever it is incorporated.
How much does PSP registration cost?
The Bank of Canada charges a non-refundable application fee of 2,500 dollars. FINTRAC registration carries no government fee, though both registrations require supporting compliance documentation.
How long does registration take?
Straightforward Bank of Canada applications are processed within thirty to ninety days. New entrants must apply at least sixty days before commencing retail payment activities.
Do foreign businesses need to register?
Yes. The RPAA applies extraterritorially, so any business directing retail payment services at Canadian end-users must register with the Bank of Canada before commencing operations.
What happens after PSP registration?
Registration begins ongoing supervision. You must maintain your risk framework, safeguard end-user funds, report material incidents, and submit an annual report to the regulator.