The Financial Post reports in its Friday edition that the Bank of Canada is launching a new supervision program for payment service providers on Friday, following the Retail Payment Activities Act passed in 2021. The Post's Jordan Gowling writes that this law allows the BOC to oversee about 3,000 payment service providers, including payment apps and point-of-sale software companies. BOC director Ron Morrow says: "Every time you tap your card on a payment terminal or make a purchase on-line, 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. ... 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 BOC's oversight will help ensure these companies are managing operational risk, which includes contingency plans against cybersecurity incidents, safeguarding end-user funds and submitting mandatory annual reports to the BOC. Mr. Morrow adds that being registered with the BOC also allows these companies to be directly part of the country's payment infrastructure, under the BOC's umbrella, without having to seek a partner bank.