Bank of Canada PSP Registration Application Support
Get your PSP application right the first time. We prepare and submit your registration through PSP Connect, satisfying every requirement the Bank of Canada sets before you can operate as a registered payment service provider.
Inside the PSP Registration Application Process
Your application is submitted through the Bank of Canada’s PSP Connect portal, along with the non-refundable 2,500 dollar fee. It must document the retail payment functions you perform, your governance arrangements, safeguarding arrangements, and operational risk controls. We compile every element to the Bank’s stated expectations.
What Can Delay or Prevent Registration
Applications can be refused, and every one is subject to a national security review by the Minister of Finance. Common problems include incomplete safeguarding documentation, weak operational risk frameworks, and unclear ownership structures. We identify and resolve these issues before submission, so your application progresses without the delays that catch most first-time applicants.
Application Preparation
We compile every section of your PSP Connect application to Bank of Canada standards.
Function Mapping
We identify which of the five retail payment functions your business actually performs.
Supporting Documents
We prepare risk frameworks, safeguarding evidence, and governance materials the Bank requires.
Review Response
We manage Bank of Canada questions during the review, keeping your application progressing.
Ready to Simplify Your Compliance?
PSPs We Help Register
We register payment processors, digital wallets, remittance operators, payment gateways, and foreign PSPs directing services at Canadian end users. Every application reflects your specific payment functions and the fund holdings your business handles.
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 PSPs Choose Us for Registration
Application Depth
We submit applications with the operational risk and safeguarding evidence that satisfies Bank of Canada reviewers first time.
Timeline Control
New PSPs must register at least sixty days before commencing activity, and we plan your submission around that legal deadline.
Refusal Prevented
We identify the common weaknesses that cause refusal or delay, then resolve them before your application ever leaves your desk.
Serving PSPs Across Canada
We support payment service providers nationwide, from Toronto and Montreal to Vancouver and Calgary, and we register foreign PSPs directing services at Canadian end users regardless of where they are based.
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 registering with the Bank of Canada under the Retail Payment Activities Act.
How much is the registration fee?
The Bank of Canada charges a non-refundable application fee of 2,500 dollars. Registered PSPs also pay an annual assessment fee based on payment volume.
How long does the review take?
Straightforward applications are decided within roughly thirty to ninety days, though a national security review or additional information requests can extend the timeline meaningfully.
What triggers registration under the RPAA?
Performing any of five retail payment functions for Canadian end users, including holding funds, initiating transfers, or providing accounts, triggers the registration obligation.
Can the Bank refuse my application?
Yes. Applications can be refused for national security reasons or if the Bank of Canada finds the applicant does not meet registration and supervisory requirements.
Do foreign PSPs register the same way?
Yes. Foreign PSPs directing services at Canadian end users apply through PSP Connect using the same process, and the RPAA applies extraterritorially.