Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
BoC Conducts Mock PSP Registration Ahead of Nov 1, 2024
Payments Regulation | Aug 28, 2024
Image: Freepik/Drazen Zigic
Preparing for PSP Registration on November 1 under the Retail Payment Activities Act (RPAA)
Under the Retail Payment Activities Act (RPAA), PSPs will be subject to Bank of Canada supervision to ensure the security and dependability of their services.
- With the November 1, 2024 registration window approaching, PSPs should be getting ready to comply with the Bank of Canada’s requirements.
- PSPs are expected to have submitted their registration applications no later than November 15, 2024. It takes time so you need to be prepared.
Feedback From the Registration Pilot
On April 9, 2024, the Bank of Canada carried out a registration pilot with 54 voluntary PSPs to help evaluate the PSP Connect online portal and application procedure prior to the official registration process. There was a diverse range of companies participating in the pilot including cross-border payments, digital wallets, BNPL and others who submitted mock registration forms and provided feedback about the application process and the online portal and accompanying materials.
Overall, the PSP Connect site was described as intuitive and user-friendly by pilot participants, however a few recommendations were made:
- Simplify the account creation process
- Simplify the application form as much as possible
- Clarify the terminology and concepts used online and in the documents (for consistency and understanding)
See: Guide: PSP Registration with Bank of Canada (RPAA)
There were also some technical difficulties that appeared in the feedback re: browser compatibility and mobile responsiveness. Compared to mobile platforms, users had fewer problems using browsers Microsoft Edge or Google Chrome on desktop computers. Lastly, worth noting that the application is comprehensive and takes a lot of time to complete.
Otherwise, technical staff are working to streamline the process and improve the data exchange process.
* Important BoC Webinar* on October 3, 2024 - Getting Ready to Register
On Oct 3, the BoC will give PSPs a detailed rundown of the registration procedure, and PSPs will get a chance to ask questions about the process, PSP Connect Platform and tools/services. For PSPs looking for a positive registration experience, you don't want to miss this webinar!
Register for the BoC webinar --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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