Payment service providers (PSPs) in Canada now have a central tool for meeting their reporting obligations under the Retail Payment Activities Act (RPAA): the Bank of Canada’s PSP Connect portal. This online platform is the single gateway for annual reports, incident notices, and significant change submissions. Understanding how PSP Connect works, and how to use it correctly, is essential for maintaining compliance and avoiding delays or errors.
This blog explains the types of submissions PSPs make through PSP Connect, outlines practical tips for accuracy and record-keeping, and highlights how using the system aligns with your broader RPAA compliance framework.
What is PSP Connect?
PSP Connect is the Bank of Canada’s secure online portal for registered payment service providers. It is where PSPs submit mandatory filings required under the RPAA and Retail Payment Activities Regulations (RPAR). The system is designed to streamline reporting and provide a clear audit trail between PSPs and the Bank of Canada.
Using PSP Connect is not optional. Whether you are submitting your first annual report, notifying of a system outage, or advising of a material business change, this is the platform through which your obligations are fulfilled. Clear rules exist under the RPAA, and supervisory guidelines explain how and when filings must be made, including operational risk and incident response requirements.
What types of submissions are made in PSP Connect?
There are three main categories of submissions PSPs must make through PSP Connect. Each plays a different role in ensuring transparency and resilience in Canada’s retail payments ecosystem.
- Annual Reports
PSPs must file an annual report with the Bank of Canada, confirming compliance with governance, safeguarding, risk management, and continuity obligations under the RPAA. According to the Bank’s annual reporting guidance, the report includes details about safeguarding methods, incident response measures, business continuity testing, and governance oversight. - Incident Notices
Material incidents that disrupt payment services, such as a system outage or cyberattack, must be reported through PSP Connect within 48 hours of being classified as material. The Bank of Canada’s incident notification guide sets out the step-by-step requirements for notifying regulators and affected users, and requires interim and final updates as the incident is managed. - Significant Change Notices
When a PSP plans a material change to its business model, technology, or outsourcing arrangements, a notice must be submitted before implementation. The Bank of Canada’s significant change guide explains what information must be included, such as risk assessments, mitigation plans, and details of any third-party dependencies.
Each submission type requires accuracy, timeliness, and supporting evidence, all of which are handled through the PSP Connect portal.
Tips for accurate submissions and strong record keeping
Submitting through PSP Connect is more than just filling out an online form. It is part of your RPAA compliance framework and must link with your governance, risk management, and safeguarding policies. Here are some practical tips:
- Prepare data in advance: Keep an updated ledger of safeguarded funds, incident registers, and business continuity test results so you can quickly populate submission fields when required.
- Review before submitting: Cross-check entries against internal records to ensure accuracy, as errors may trigger follow-up from the Bank of Canada.
- Retain submission confirmations: Save PDF or email confirmations generated by PSP Connect as evidence for audits or independent reviews. This supports your record-keeping obligations under the RPAA.
- Link to internal policies: Make sure the information submitted reflects what is set out in your safeguarding, incident management, and governance policies. Inconsistencies can raise red flags during supervisory reviews.
- Train staff: Ensure compliance officers and backup staff know how to access and use PSP Connect, especially for urgent incident notifications.
Good record-keeping not only ensures compliance but also demonstrates accountability to your board and the Bank of Canada.
Why PSP Connect matters for compliance
PSP Connect provides the Bank of Canada with a real-time window into how PSPs are managing operational risks, safeguarding customer funds, and responding to incidents. For PSPs, it is also a tool to show regulators that governance structures, oversight mechanisms, and reporting practices are effective.
Filing correctly and on time demonstrates that your business is not only compliant but also reliable and resilient. It shows customers and regulators that you can be trusted to protect funds, manage risks, and recover quickly from disruptions.
Final thoughts
PSP Connect is more than a reporting tool. It is the hub of your relationship with the Bank of Canada under the RPAA. Annual reports, incident notices, and significant change submissions all flow through this portal, and each one reinforces the importance of accurate data, timely reporting, and strong oversight.
If you want to make sure your PSP Connect submissions align with your compliance framework, visit Comply North’s pricing page to explore cost-effective compliance solutions, or contact our experts for tailored support.
