Ahead of Real-Time Rail (RTR): How to apply for a Bank of Canada settlement account
For the first time, PSPs registered under the RPAA can bypass traditional banking intermediaries and hold a settlement account directly with the Bank of Canada (BOC).
With RTR on the horizon, the BOC recently outlined its settlement account policies for Lynx, ACSS (Automated Clearing Settlement System), and RTR.
Here is the step by step process via the BOC:
1️⃣ Confirm your eligibility
Applicants must be a member, or be eligible to become a member, of Payments Canada. Note: Payments Canada has expanded membership eligibility to include payment service providers and clearing houses.
2️⃣ Meet Payments Canada's requirements
Applicants need to satisfy Payments Canada's operational, technical, and security requirements for direct participation.
3️⃣ Contact the BOC
Email the BOCto express intent to apply and request the application form for the relevant payment system.
4️⃣ Complete and submit your form
Submit the completed form as per the BOC’s instructions. The BOCwill assess the formand may follow up for clarification before onboarding successful applicants with Payments Canada.
📖 Full details available on the BoC Website
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