Article facts
| Field | Visible value |
|---|---|
| Bank status | Not a bank |
| Banking licence | None |
| Deposit taking | No |
| Deposit insurance | Not provided by 2PayApp |
| Registered as | Money Services Business (FINTRAC) and payment service provider (Bank of Canada) |
| Is a registration a licence to bank? | No |
| Last reviewed | 2026-09-09 |
Why the product is called an account
A business payment account is an account or payment-platform arrangement used to receive, manage and send commercial funds. The word describes the functionality.
An IBAN is an identifier used to route and reconcile payments. Holding an IBAN does not make the holder a bank, and a virtual IBAN does not necessarily constitute a separate bank account.
The institution that issues account details, the entity that holds or safeguards funds and the entity that executes a payment can each be different from 2PayApp, and can differ by currency and configuration. Those roles are named in the customer agreement.
What a registration is and is not
2PAYAPP LIMITED holds two Canadian registrations:
- registration with FINTRAC as a Money Services Business, number M23468538;
- registration with the Bank of Canada as a payment service provider under the Retail Payment Activities Act, number RPS0002913.
Neither is a banking licence. A registration is a legal requirement to operate, not an approval, endorsement or recommendation of the company by the regulator.
What this means for your funds
Do not assume that funds held through a payment platform carry the same protection as a deposit held directly with a bank.
Before you rely on the account, read what the customer agreement says about who holds or safeguards the funds and whether any deposit-protection or compensation scheme applies. This is covered in How are customer funds held?.
Frequently asked questions
Is the FINTRAC registration a banking licence? No. It is a registration requirement and is not an endorsement by FINTRAC.
Is the Bank of Canada registration a banking licence? No. It is a payment service provider registration under the Retail Payment Activities Act.
Are my balances insured? Do not assume so. Deposit protection depends on the service, currency and institution, and must be confirmed in the customer agreement.
Why does the site say "account" if it is not a bank account? The word describes the payment functionality. The published term is business payment account.
Can a regulated bank still be involved? Yes. Depending on the configuration, regulated financial institutions or payment-service providers may issue account details, hold funds or execute payments.
This article is explanatory. The applicable customer agreement and service documentation prevail if they differ from it.