In June 2021, Parliament passed the Retail Payment Activities Act, establishing a new mandate for the Bank of Canada to supervise payment services providers.

As one of the Bank’s main areas of responsibilities, the Bank will be responsible for supervising payment service providers to build confidence in the safety and reliability of their services while protecting users from certain risks. Payment service providers will be required to register with the Bank and to comply with requirements for operational risk management and safeguarding end-user funds.

The Bank of Canada is the nation's central bank.