Canada’s FinTech industry enters new era as Bank of Canada taps first payment service providers

Canada’s FinTech industry enters new era as Bank of Canada taps first payment service providers

A handful of Canadian FinTech firms are among the first batch of registered payment service providers (PSPs) revealed by the Bank of Canada this week. “For payments nerds, this is huge.” Abraham Tachjian,Brim Financial The designation means these companies are now subject to new rules and reporting regulations under the Retail Payments Activities Act (RPAA). It also opens the door to accessing payment rails, the infrastructure that allows money…