The Bank of Canada has unveiled its first roster of registered payment service providers under the Retail Payments Activities Act (RPAA)—a major step toward Canada’s open banking future. So far, 300 firms have been approved, including fintech leaders Helcim, ZayZoon, Wealthsimple, Koho, VoPay, and Shopify, among others.
The Act, in effect since November 2023, mandates operational compliance for all providers. Bank of Canada executive Ron Morrow said the RPAA will ensure Canadians gain access to “cheaper payment options and a broader array of services.” Over 1,000 additional applications remain under review.
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