Navigating the New Bank of Canada PSP Requirements: How HostedPCI Can Help Your Business Stay Compliant
The Bank of Canada’s latest regulatory shift is reshaping the landscape for payment service providers (PSPs). With the introduction of the Retail Payment Activities Act (RPAA), businesses that operate as PSPs must now register to meet stringent standards for data security, transaction oversight, and compliance. This significant change aims to increase trust and safety in Canada’s payments industry but also brings added responsibilities and administrative burdens for affected businesses.
Who Needs to Register as a PSP?
Only businesses that meet specific criteria as PSPs must comply with the new registration. This includes:
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Payment Processors: Handling transactions for online or in-store purchases
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Digital Wallet Providers: Offering electronic or mobile payment solutions.
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Money Transfer Services:Facilitating transfers both domestically and internationally.
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Merchant Service Providers:Providing card processing for merchants.
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Payment Gateways:Acting as intermediaries for secure payment transmission.
If your business falls into any of these categories, you’re now required to register as a PSP to continue operating in Canada.
Simplify Compliance by Partnering with HostedPCI
For many businesses, managing the responsibilities of a registered PSP can be complex and resource-intensive. That’s where HostedPCI steps in. As a registered PSP under the Bank of Canada’s mandate, HostedPCI provides fully compliant, secure solutions tailored to meet regulatory standards. Our expertise in compliance and data security enables your business to remain compliant effortlessly—without the need for direct PSP registration.
Why Offload PSP Responsibilities to HostedPCI?
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Avoid Direct Registration: Focus on growth, while HostedPCI manages all regulatory requirements.
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Reduce Compliance Complexity: Eliminate the costs and resource strain of managing ongoing PSP compliance in-house.
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Minimize Risk:HostedPCI takes on the liability, giving you peace of mind that compliance is handled by experts.
Stay Focused on Your Core Business
The new PSP regulations don’t have to be a roadblock. Partnering with HostedPCI allows you to navigate compliance efficiently and remain competitive in the Canadian market. Let HostedPCI handle the complexities, so you can focus on what you do best.
Interested in a compliant payment solution without the hassle?Contact HostedPCI to find out how our solutions can help.