Payment Radar
Bank of Canada Reminds PSPs of Reporting Obligations Under RPAA
The Bank of Canada issued a reminder to Payment Service Providers (PSPs) registered under the Retail Payment Activities Act (RPAA) regarding their ongoing reporting obligations.
Payment RadarOriginal source: Bank of Canada Retail Payments Supervision · linked publisher media; native reuse rights require confirmation 
What changed
The Bank of Canada issued a reminder to Payment Service Providers (PSPs) registered under the Retail Payment Activities Act (RPAA) regarding their ongoing reporting obligations. The guidance clarifies that PSPs must report material incidents within 48 hours, notify the Bank of significant operational changes at least five business days in advance, update registration information within 30 to 60 days, and submit annual reports by March 31. The Bank emphasized that failure to meet these requirements may result in enforcement action. This is a reminder of existing rules, not a new regulation or policy shift. No changes to merchant acceptance, checkout flows, funding, fees, fraud controls, or compliance requirements were announced. The notice is directed exclusively at PSPs to ensure the safety and integrity of the retail payments ecosystem.
Why a business should care
This notice does not change how you accept payments, process transactions, or manage your accounts. Your costs, funding timelines, and fraud protections remain unaffected. The regulatory focus is on PSPs, not merchants. While the Bank of Canada’s oversight strengthens the broader payments infrastructure, the direct impact on your daily operations is negligible. You do not need to adjust your payment settings, update your merchant agreements, or change your reporting practices. The reminder reinforces that PSPs are accountable for timely incident reporting and operational transparency, which supports a stable environment for all participants.
Who it affects
The notice applies to Payment Service Providers (PSPs) registered under the Retail Payment Activities Act (RPAA), which is the federal law governing retail payment activities in Canada. These are the companies that process payments on behalf of merchants, not the merchants themselves. Ordinary business owners who use PSPs to accept payments are not the target audience.
What to consider doing
No action is required yet. If your PSP notifies you of a material incident or operational change, you may need to update your internal records, but the reporting obligation remains with the PSP. A specific signal that would trigger action is a direct communication from your PSP stating that your payment processing has been disrupted or that your account terms have changed. Until then, your current setup remains valid.
Uncertainty and risks
There are no direct risks to merchants from this notice. The enforcement actions mentioned apply only to PSPs that fail to meet their reporting obligations. If a PSP faces penalties, it could indirectly affect service stability, but the notice itself does not create new merchant liabilities or compliance burdens. The regulatory framework remains unchanged, and your payment operations continue as before.
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