BoC Payments Consultation | Feb 21, 2024
Seeking Feedback: Bank of Canada Drafts Supervisory Guidelines for Payment Service Providers (PSPs)
The Bank of Canada has recently announced a consultation phase for its draft supervisory guidelines under the Retail Payment Activities Act and its regulations. This legislative framework requires PSPs registered with the Bank of Canada to adhere to specific operational standards, including the management of operational risks, incident response protocols, safeguarding of end-user funds, and mandatory reporting of certain incidents and significant changes to the Bank. These requirements are set to take effect on September 8, 2025.
See: Canada’s New Retail Payment Regulations: Registration and Compliance
The draft supervisory guidelines prepared by the Bank of Canada delineate the Bank’s expectations for PSPs in meeting these obligations. The guidelines are designed to ensure that PSPs operate in a manner that is safe, efficient, and in the best interest of their end-users. They cover a broad spectrum of operational and risk management practices that PSPs are expected to implement.
Your Input Is Required
This consultation represents a critical opportunity for stakeholders within the fintech and payment sectors to review the proposed guidelines and provide feedback. The Bank of Canada is seeking input on how these guidelines can be refined and improved to better serve both the industry and the consumers who rely on these services.
We encourage all NCFA members and stakeholders to participate in this consultation process. Your insights and expertise are invaluable in shaping a regulatory environment that supports innovation while ensuring the safety and integrity of payment services in Canada.
See: BoC Update for PSPs: New Registration Guide and Supervisory Policies Available
To participate, please visit the Bank of Canada’s website to read the draft guidelines and share your feedback and contribute to a dialogue that will help shape the future of payment services regulation in Canada.
This is an important moment for the fintech community to come together and ensure that the regulatory framework aligns with the realities of modern payment services and the needs of consumers. Let’s make our voices heard and contribute to the development of guidelines that promote a secure, competitive, and innovative financial services sector. For more information, please visit the website and learn more about the Retail Payments Supervision Consultation.
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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- Source: https://ncfacanada.org/boc-consultation-draft-supervisory-guidelines-for-psps/
