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The central bank, which regulates non-bank payments firms, took enforcement action against Quikcard Solutions, Teranet, UpperBee Pay, GoDaddy Payments Services Canada and Paytrak Payroll Services for failing to register. (The Logic)
Talking point: The notices of violation are the first the Bank of Canada has published since it started overseeing payments companies in Sept. 2025, providing insight into how the regulator will approach enforcement. In all five cases, the central bank imposed fines of $0, despite having the power to levy penalties as high as $10 million. All five companies subsequently applied to register. Academics have found the reputational damage from published enforcement actions hurts share prices more than fines, which regulators sometimes have a hard time collecting. The Bank of Canada started auditing payments companies to make sure they’re following the rules in March. In February, it ordered XTM to shut down a tip-pooling platform after millions of dollars went missing without explanation.
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