--- title: "E-Wallet Platform for Canadian PSPs | RPAA and FINTRAC" description: "White-label e-wallet for PSPs registered with the Bank of Canada: end-of-day funds per user, safeguarding data, annual report figures and tiered limits." url: "https://crassula.io/solutions/e-wallet/canada-psp/" lang: "en" image: "https://crassula.io/static/images/og/crassula-default.d7d01fb8a962.jpg" alternates: "en": "https://crassula.io/solutions/e-wallet/canada-psp/" "de": "https://crassula.io/de/solutions/e-wallet/canada-psp/" "es": "https://crassula.io/es/solutions/e-wallet/canada-psp/" "fr": "https://crassula.io/fr/solutions/e-wallet/canada-psp/" "x-default": "https://crassula.io/solutions/e-wallet/canada-psp/" index: "https://crassula.io/llms.txt" --- Canada · PSP # E-wallet platform for Canadian payment service providers A wallet that keeps money for its users maintains accounts and holds funds, two of the five payment functions in the Retail Payment Activities Act. That puts it under Bank of Canada supervision, and once users can send money to each other, usually under FINTRAC as a money services business too. [Request demo](https://crassula.io/request-demo/) [E-Wallet →](https://crassula.io/solutions/e-wallet/) Your market**Canada**PSP - Wallets in CAD and other currencies - Each user's funds at the end of every day - Monthly averages for the annual report - Limits by verification level Rails your customers can use **Transfers between wallets****SWIFT****US ACH****CAD through your bank** What the regulator asks about your IT**9** Case Studies ## See what teams build with Crassula. ![Multipass](https://crassula.io/static/images/solutions/cases/logo-multipass.7fb14a8eede7.png) - Multi-currency accounts - Cross-border payments - BaaS connections Live on Crassula ### [Custom financial products for global businesses.](https://crassula.io/cases/multipass/) Global business accounts, multi-currency payments and cross-border solutions, supported by Crassula APIs and BaaS connections. [Read case study: Multipass](https://crassula.io/cases/multipass/) ![LuxPay](https://crassula.io/static/images/solutions/cases/logo-luxpay.7d1fa138b9ba.png) - IBAN · SEPA - Card issuing - KYC onboarding Live on Crassula ### [A connected banking platform for modern financial services.](https://crassula.io/cases/luxpay/) Account details, SEPA payments, card issuing, KYC onboarding and multi-currency exchange in one financial product. [Read case study: LuxPay](https://crassula.io/cases/luxpay/) E-Wallet · PSP ## What a registered PSP can launch as a wallet ### Stored-value wallets A CAD wallet for each user, with USD or other currency balances alongside it, and available and reserved amounts kept apart on the ledger. ### Payments between users Users look each other up by phone number or email and pay instantly inside the wallet, with a second factor on every payment. ### Onboarding in steps Several verification levels, each with its own limits, so your compliance officer decides what a user can do before and after identity checks through a connected provider. ### Money in and out through your bank User funds sit in your trust or safeguarding account at a bank, and the ledger splits them into named wallets. The CAD connection to that bank is scoped in your project. ### Notifications and confirmations Push notifications for every top-up, payment and withdrawal, and two-factor confirmation for the actions that move money. ### What this licence does not cover - Opening the wallet before the Bank of Canada registers you. New PSPs must be registered before they perform any retail payment activity. - Treating deposit insurance at your bank as safeguarding. The Act asks for a trust account, or a dedicated account backed by insurance or a guarantee. - Describing wallet balances as bank deposits. A PSP does not take deposits, and the funds are not covered by CDIC. Your market ## What the regulator asks about your IT Each requirement, what the platform gives you for it and who owns it after launch. 1 Scope analysis: which payment functions the wallet performs A description of each flow, from top-up and holding to payments between users and withdrawal, and where each one runs. You, with your lawyers 2 Record of each end user's name, contact details and funds at the end of every day The ledger produces this list for every wallet holder, each day, as an export. Your finance team, on platform data 3 Trust account, or segregated account with insurance or a guarantee from an unaffiliated, prudentially regulated provider One omnibus account split into named user balances on the ledger. The account and any insurance are arranged by you. You 4 Returning funds to users if the PSP becomes insolvent Balances and contact details per user that an insolvency administrator can work from. You, with platform data 5 Risk management and incident response framework, including third-party assessments A description of the platform, hosting, backups and our incident process, for the third-party part of your framework. Your senior officer, with our input 6 Notifying the Bank and affected users of a material incident without delay Detection and resolution times from our incident process as your technology provider. Shared 7 Annual report by 31 March, including monthly averages of end-user funds held at the end of each day Daily totals of user funds, with each user's country on record, ready for the monthly averages. You, with platform data 8 Notice at least five business days before a significant change or a new payment activity A description of the new feature's flows, such as adding cards or a currency, for your notice. You 9 FINTRAC: identity verification and five-year records for money services Verification levels, identity checks through connected providers and full payment history per user. Your compliance officer Canada ## Payment rails and providers Rails your customers can use Transfers between wallets SWIFT US ACH CAD through your bank **24/7**real-time processing, no batch window **60+**payment and provider integrations connected **150+**companies run on Crassula **15+**languages the platform speaks Canada ## Dates to plan around Rules that change what you have to build, in the order they apply. 1. **1 to 15 Nov 2024** Application window for PSPs that were already operating. A new wallet provider now applies through PSP Connect and waits for a decision. 2. **8 Sep 2025** RPAA obligations started. Registered PSPs need working risk management and safeguarding frameworks. 3. **12 Jun 2026** The Bank of Canada began publishing notices of violation by PSPs, so enforcement is now public. 4. **31 Mar 2027** Annual report for 2026 due, with the average end-of-day user funds for each month of the year. PSP ## Registering a wallet with the Bank of Canada? Show one that works. The Bank wants to understand where users' money sits and what happens if something breaks. We give you a live wallet and the technical write-up behind it, and your lawyers handle the RPAA application and the FINTRAC registration. [Talk to us about your application](https://crassula.io/request-demo/) Crassula provides technology and documentation support. We do not provide legal or regulatory advice and cannot guarantee the outcome of an application. 1. 01 ### A platform you can demonstrate A configured environment to show the regulator, not slides. 2. 02 ### The technical part of your application, prepared The flow behind each payment function, safeguarding records, hosting, third parties and incident handling, written for your RPAA application and frameworks. 3. 03 ### Providers lined up Banking, safeguarding and KYC providers from our network, matched to your registration. ![A customer paying with his phone at a market stall.](https://crassula.io/static/images/features/people/market-1200.9009561ec1ca.webp) E-Wallet ## How a launch usually runs Imagine a Vancouver team building a wallet for international students. Parents send money from abroad, and students pay each other for rent and groceries. The lawyers confirm that the wallet maintains accounts and holds funds, so the team registers with FINTRAC as an MSB and applies to the Bank of Canada. While the application is reviewed, we set up the wallet in their brand and the team opens a trust account at a Canadian bank. Once registered, students join at a basic verification level and move to higher limits after their ID check. Every evening the platform lists each student's funds with name and contact details, and finance compares the total with the trust account. The daily totals later feed the monthly averages in the annual report. For the rules, read our [RPAA registration guide](https://crassula.io/guides/licenses/rpaa-registration/) and the [guide to MSB registration in Canada](https://crassula.io/guides/licenses/msb-in-canada/). Guides ## Read the licence guides ![RPAA Registration in 2026: Bank of Canada Guide for Payment Service Providers](https://crassula.io/static/images/guides/rpaa-registration/toronto-tower-preview-960.05971d4bf063.jpg) ### [RPAA Registration in 2026: Bank of Canada Guide for Payment Service Providers](https://crassula.io/guides/licenses/rpaa-registration/) ![Canada MSB License in 2026: FINTRAC Registration Guide](https://crassula.io/static/images/guides/msb-in-canada/maple-leaf-preview-960.c4a48bc387c8.jpg) ### [Canada MSB License in 2026: FINTRAC Registration Guide](https://crassula.io/guides/licenses/msb-in-canada/) ![White-Label Digital Wallet in 2026: The Complete Guide](https://crassula.io/static/images/guides/white-label-digital-wallet/digital-wallet-folio-preview-960.ebf91485d967.jpg) ### [White-Label Digital Wallet in 2026: The Complete Guide](https://crassula.io/solutions/e-wallet/guides/white-label-digital-wallet/) [**Explore all guides**Licensing, payments, cards and core banking, explained by our team.](https://crassula.io/guides/) Canada · PSP ## FAQ The questions teams ask us before a first call. [**Not covered here?**Bring your question to a demo with our team.](https://crassula.io/request-demo/) Does an e-wallet need Bank of Canada registration? Usually, if it keeps balances for users and that is your business rather than a side activity. One exception is a closed-loop instrument that can only be spent with the merchant that issued it, or within a group of merchants, which the Act excludes. Do we also need to register with FINTRAC? If users can send money to other people, or you exchange currencies for them, the wallet is usually transferring funds as a money services business and needs FINTRAC registration as well. Our [MSB guide](https://crassula.io/guides/licenses/msb-in-canada/) covers that side. Trust account or insurance: which safeguarding option fits a wallet? Either works, and you can combine them. A trust account holds user funds in trust for nothing else. The alternative is a dedicated account plus insurance or a guarantee for at least the amount held, from a prudentially regulated provider that is not affiliated with you. The bank may not apply set-off to either account. What does the annual report ask about wallet balances? Among other things, the average value in CAD of the funds you held at the end of each day, for each month of the year, for all users and for users in Canada. The report for a calendar year is due by 31 March of the next year. What does registration cost? The application fee was CAD 2,500 when the regime started and is indexed to inflation for later years. The Act sets no minimum capital. The bigger costs are the trust or insurance arrangement, the frameworks and their independent reviews. We are based outside Canada. Does the RPAA apply to our wallet? Yes, if you perform payment functions for users in Canada and direct your service at them, even without a place of business in the country. You then register with the Bank of Canada and meet the same safeguarding and reporting rules as a Canadian PSP. Canada · PSP ## What a registered PSP can launch as a wallet Tell us your licence and country. We will map the rails, providers and documents you need. [Request demo](https://crassula.io/request-demo/) [**Know what you pay**One setup fee and a monthly plan with accounts and transactions included.*See pricing →*](https://crassula.io/prices/) [**Start with the API**Documented endpoints for accounts, payments, cards and customers.*Explore the API →*](https://crassula.io/features/api/)