Bank of Canada revealed the first batch of over 300 entities that are now fully registered as PSPs
Bank of Canada revealed the first batch of over 300 entities that are now fully registered as payment service providers (PSPs)
October 20, 2025 – Bank of Canada revealed the first batch of over 300 entities that are now fully registered as payment service providers (PSPs). The designation subjects these companies to new RPAA compliance rules while granting them direct access to payment rails - enabling money transfers without relying on banks.
Key Takeaways:
➡️ PSPs now must register with the Bank of Canada and meet obligations around safeguarding end-user funds, operational risk management, incident notification and reporting.
➡️ The transition window ran from November 1, 2024 to September 7, 2025. During this time PSPs applied for registration; from September 8 registered entities are under full supervision.
➡️ At the supervision start (September 8) the Bank was overseeing close to 1,500 PSPs having applied for registration.
➡️ Registered PSPs become eligible to access key payment infrastructure and may become direct participants in upcoming rails - accelerating innovation and reducing reliance on incumbent banks.
➡️ This week, the Bank published a list of the first 300 entities fully registered as PSPs, including FinTech companies like: Wealthsimple, KOHO, Brim Financial, Venn, Helcim, Trolley, ZayZoon, Zūm Rails, Shopify, Loop Financial, Keep, Lightspeed Commerce, Quickly, Sezzle, Synctera, Wise and VoPay.
➡️ From September 8 the Bank will publish a rolling Registry of PSPs, and will continue to update it as applications are concluded.
➡️ This regulatory opening aligns with Canada’s roadmap toward real-time payments infrastructure (expected 2026), setting the stage for FinTechs to play a much larger role.
