The Green Sheet Online Edition
September 9, 2023 • 23:09:02
Readers Speak: RPAA and Canada's new retail payments landscape
Martha Rhine, director, compliance as a service at Consulting Resource Group, notified us of a series she has written to serve as a guide to Canada's Retail Payments Activities Act (RPAA), which is expected to come into effect soon.
Part 1 of the series covers how this new regulation will impact Payment Service Providers (PSPs) operating in Canada, the Bank of Canada's role in supervising them and the path ahead, Rhine stated.
"PSPs that perform one of the following payment functions in Canada (in a manner that is not incidental to another service or business activity) may be impacted," she wrote. The functions include providing and maintaining a payment account; holding funds until the end user withdraws or transfers funds; initiating an electronic funds transfer (EFT) as requested by an end user; authorizing an electronic funds transfer or transmitting receiving or facilitating instructions about an electronic funds transfer (EFT); and providing clearing or settlement services.
The first article in the series can be found on the Association of Payments Professionals website, www.paymentpros.org/news/retail-payments-supervision---coming-soon-to-canada , Rhine pointed out, adding that more information and updates are available at the Bank of Canada's website, tinyurl.com/mvufb25s . Furthermore, she noted, the Association of Payment Professionals will be hosting a webinar on this topic later this year.
Rhine described Consulting Resource Group as a "network of payments and M&A leaders, as well as a core team of top-tier management consultants based in Latin America." The firm's leaders, she continued, "have over 20 years of experience in their respective areas and specialize in card compliance, fee reduction, SMB product acceleration, and cross-border payments," primarily providing consulting services to corporate, venture capital and private equity firms, as well as subcontractor talent to independent consultants and boutique firms.
Will the RPAA impact your business?
Do you do business in Canada? If so, what challenges have you faced and what skills did you master to succeed in that market? And how do you anticipate the RPAA will affect your business operations? Share your experiences with us at greensheet@greensheet.com. 
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