RPOF was initially announced by the government in 2019 in response to the pace of innovation in the retail payments space. It will require non-financial institution payment service providers (PSPs) to establish sound operational risk management practices and protect users’ funds against losses. RPOF will be a public registry of regulated PSPs, maintained by the Bank of Canada, to ensure their compliance with operational and financial requirements.
Implementing RPOF is a step towards Payments Canada’s ability to make Canada’s systems – including the Real-Time-Rail (RTR) expected to go live in 2022 – accessible to non-financial institution PSPs. The next step is to introduce required changes to the Canadian Payments Act to support broader Payments Canada membership.
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