The Bank of Canada has started its role as supervisor of Payment Service Providers (PSPs) under the Retail Payment Activities Act (RPAA), a mandate intended to improve Canadians' trust in payment systems.

According to the Bank, it is now overseeing nearly 1,500 PSPs that have applied for compliance with the regulatory requirements set out in the RPAA. These requirements are designed to help manage risks and protect end-user funds.

The Department of Finance is continuing its work on national security screening for these applicants. The Bank will publish and regularly update a Registry of PSPs as screenings are completed and applicant names are shared by the Department of Finance.

"The Bank was given this mandate with a view to enhancing the confidence of Canadians in the safety and reliability of payments systems."

The Bank has stated it will provide further updates on its website as more information becomes available.