Bank of Canada oversight of retail payment providers launches Friday [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
The Retail Payment Activities Act legislation was passed by the federal government in 2021 and gives the central bank the authority to oversee an estimated 3,000 payment service providers (PSPs) that operate in Canada, including payment apps and point-of-sale software companies. “Every time you tap your card on a payment terminal or make a purchase online, there are at least two, maybe three or four payment service providers involved in getting the money out of your account and into a merchant's account,” Ron Morrow, executive director of payments, supervision and oversight at the Bank of Canada, said. “Every day, Canadians place their trust in these PSPs. The purpose behind the act is to ensure that trust is well founded, that the PSP is holding your money, that those funds are adequately protected.” The Bank of Canada's oversight will help ensure these companies are managing operational risk, which includes contingency plans against cybersecurity incidents , safeguarding end-
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PYPL
Earnings
- 10/29/24 - Beat
PYPL
Sec Filings
- 10/29/24 - Form 10-Q
- 10/29/24 - Form 8-K
- 10/15/24 - Form 4
- PYPL's page on the SEC website