Bank of Canada registration (RPAA) services for Payment Service Providers (PSP).

Expert guidance for PSPs under the Retail Payment Activities Act (RPAA)

Ensure compliance with Canada's Retail Payment Activities Act (RPAA). Let our experts guide you through the registration process seamlessly.

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Download Your Free RPAA Compliance Guide

What is RPAA?

The Retail Payment Activities Act (RPAA) requires most Money Service Businesses (MSBs) to submit their Payment Service Providers (PSPs) registration to the Bank of Canada. Companies that have submitted their application must wait 60 days after submission to start operations. The Bank of Canada will let all applicants know on September 8, 2025 as to whether their registration application has been received.

Who Needs to Register Under RPAA?

Here are some of the more popular types of companies/business models that will likely have to register under the RPAA:

  • Payment Service Providers (PSP)
  • Account Providers (e.g., if you’re holding client funds)
  • Remittance Companies
  • Multi-Currency Account Providers
  • Payment Gateway Providers
  • Merchant Account Providers

RPAA Registration Challenges

Penalties of up to CAD $10 Million per offence

De-banking of non-compliants PSPs

Significant reputational harm

How Renno Ensures Your RPAA Compliance

Register your Payment Service Provider (PSP) under the Retail Payment Activities Act (RPAA) with Renno's expert assistance.

Expert Guidance for RPAA Registration

Register your Payment Service Provider (PSP) under the Retail Payment Activities Act (RPAA) with Renno's expert assistance

Comprehensive Risk Management

Maintain a framework to manage operational risks, including the protection of client funds and data, third-party service providers, business continuity, cybersecurity, and fraud.

Regulatory Ease

Our experts guide you through each step, ensuring all Retail Payment Activities Act (RPAA) requirements are met efficiently and accurately.

Learn More on RPAA Compliance Services

Comprehensive RPAA Registration Packages

Choose the Right Plan for Your Business Needs

We offer tailored Retail Payment Activities Act (RPAA) registration packages designed to meet the unique requirements of your Payment Service Provider (PSP). Our comprehensive services ensure you navigate the Retail Payment Activities Act (RPAA) registration process with ease and maintain full compliance. Select the package that best suits your needs:

Service
RPAA Registration
Registration Strategy
Full Documentation Support
Regulatory Advice and Planning
Direct Representation with the Bank of Canada
Application Submission
Risk Management Framework Guidance
Risk Management Framework Development
Price
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The $2,500 CAD (approx. $1,700 USD) Bank of Canada registration fee is not included in our service fees and must be paid separately.
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Why Choose Renno?

Trusted by 40+ Fintech startups across 10+ countries

Expertise and Experience

Proven track record in navigating the Canadian regulatory environment.

Tailored Solutions

Customized services to meet your unique business needs.

Legal & Compliance

We’re the only firm in Canada with compliance AND legal practitioners - we have you covered from every angle!

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FAQ

1. What is the RPAA and how does it affect my PSP business?
The RPAA is a regulation requiring all payment service providers in Canada to register and comply with operational and reporting standards.
2. Why should I consider Renno for RPAA registration?
Renno provides detailed guidance, compliance consulting, and ongoing reporting support, ensuring you meet all RPAA requirements efficiently. Additionally, Renno is the only multi-disciplinary provider of both compliance and legal service providers. Our team of AML professionals and lawyers will ensure you’re covered from every angle.
3. How can Renno help with the RPAA registration process?
We will take care of your RPAA registration for you from A-Z, help you understand your requirements under the Act, help you prepare the written risk management frameworks, and ensure you remain compliant once you’re registered.
4. What are the benefits of registering with Renno's help?
We ensure timely and accurate registration, reduce compliance risks, and provide ongoing support to maintain adherence to RPAA regulations. Additionally, a team of lawyers and compliance professionals will be on your file ensuring you’re covered from every angle.
5. How long does the registration process take?
We can help you prepare your RPAA registration submission with the Bank of Canada in 1 month.
6. Can Renno assist with both Canadian and international PSPs?
Yes, we can help both domestic and international PSPs operating in Canada
7. I need a Risk Management Framework - can you help me? What does the service include?
Absolutely—we can craft a tailored Risk Management Framework that meets the Bank of Canada’s requirements for Payment Service Providers (PSPs).

Why is this important?
‍By September 2025, the Retail Payment Activities Act (RPAA) will be fully enforced. That means every registered PSP must have a Risk Management Framework in place to continue operating. Without one, banking partners may refuse to onboard you, maintain your accounts, and you could face compliance risks.

What does the Risk Management Framework cover?
‍It’s a tailored, detailed document that outlines exactly how your business will manage operational risk, covering:
  • ✔ Client fund & data protection
  • ✔ Third-party service provider risk
  • ✔ Business continuity planning
  • ✔ Cybersecurity & fraud prevention
  • ✔ Regulatory reporting obligations
For a more detailed look at the topics that may be captured in the risk management framework, please see here.

‍How we help:
‍We can build you a Risk Management Framework that aligns with your business model—ensuring it meets the expectations of both the regulator and your banking partners.

‍Pricing:
We can draft you a compliant, tailored Risk Management Framework for Contact us for pricing
8. As a PSP registered with the Bank of Canada under the RPAA, what kinds of services can I provide if I have a hard time obtaining a compliant safeguarding account for my clients
Getting a safeguarding account directly with a bank is going to be tough, more expensive for earlier stage companies, and may involve a longer onboarding process. But it is doable. We’ve done it before and we’re confident we can get folks banked directly with a bank.

However, if you are not able to get a compliant safeguarding account as a company registered as an MSB with FINTRAC and PSP with the Bank of Canada, then you may still offer the following services:
  • - Payment processing
  • - Foreign currency exchange
  • - OTC Crypto services
  • - Cross-border remittance
9. Does a Canadian MSB that only services non-Canadian clients need to get RPAA registered?
A Canadian MSB that is providing certain payment services is required to register as a PSP with the Bank of Canada (under the RPAA) even if they do not service any Canadian clients nor have any Canadian staff.
10. Do I need to submit a written framework to Bank of Canada for RPAA registration?
Bank of Canada registered Payment Service Providers (”PSP”) are required to have a written risk management framework by at least September 8, 2025.

However, as of now, it does not seem like there is a requirement for BOC registered PSPs to submit their written risk management framework to the Bank of Canada. This may change in the future.
11. How do I get started with Renno's services?
Book a consultation call here

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