Canada is implementing a federal framework for payment service providers under the Retail Payment Activities Act, overseen by the Bank of Canada.
Under this framework, registered providers are subject to requirements for operational risk management, safeguarding end-user funds, and incident reporting.
The cross-border payment platform, Grey, has now been registered under the RPAA as part of this framework.
Grey’s registration under the RPAA allows the company to offer payment services to customers in Canada in alignment with these regulatory requirements. The company supports transfers to Canadian bank accounts, including payments facilitated through domestic transfer systems such as Interac, via its banking and payments partners.
The development comes as cross-border financial flows between Canada and the rest of the world continue to grow, driven by diaspora communities and increasing global business activity. These flows are commonly used for family support, freelance income, tuition payments, and business transactions and have historically relied on slower, more expensive legacy systems.
“Registering under the RPAA framework is an important step in aligning our operations with Canada’s regulatory expectations,” said Idorenyin Obong, CEO and co-founder of Grey. “Our goal is to provide a reliable and transparent way for users to send money to Canada, with delivery times that can be near real-time depending on the payment method used.”
Grey is also registered as a Money Services Business with FINTRAC in Canada and with the Financial Crimes Enforcement Network in the United States.
The platform enables individuals and businesses to access multi-currency accounts in USD, GBP, and EUR, supports transfers to more than 170 destinations, and provides virtual cards for international spending. Grey serves customers across Africa, Europe, and other global markets, with a focus on simplifying cross-border financial access.
