UpperBee Pay, our simple and integrated payment solution for property management, is a Money Services Business (MSB) registered with FINTRAC


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Pay is a Money Services Business (MSB) registred with Fintrac

19 February 2024  |  Co-ownership, property management  |  Pay

We are proud to announce that UpperBee Pay has obtained its registration as a Money Services Business (MSB) in the register of FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada.

What is FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit and overseer of the fight against money laundering and terrorist activity financing.

Its mandate is to facilitate the detection, prevention, and deterrence of money laundering and the financing of terrorist activities while ensuring the protection of personal information under its control.

Why is this registration important?

Registration on the FINTRAC register is a mark of rigorous compliance with standards and regulations relating to the fight against money laundering and the financing of terrorism. This means that UpperBee Pay undertakes to:

  • Implement advanced security measures to protect its customers’ financial transactions.
  • Comply with FINTRAC’s strict recordkeeping and reporting requirements.
  • Offer increased transparency in its financial operations.

What is a Money Services Business (MSB)?

MSBs are entities that provide monetary services, such as payments, fund transfers, or issuance of checks.

The benefits for our customers:

  1. Enhanced security: As an MSB, UpperBee strengthens its operational security to ensure the protection of our customers’ financial transactions. We implement advanced security measures to ensure the confidentiality and integrity of financial data.
  2. Regulatory compliance: Our listing on the FINTRAC registry demonstrates our commitment to rigorous compliance with financial regulations. This gives our customers peace of mind knowing they are working with a company that meets high industry standards.
  3. Financial transparency: As an MSB, we are subject to strict recordkeeping and reporting requirements. This results in increased transparency in our financial operations, providing our customers with clear visibility into transactions carried out through our platforms.
  4. Innovation and compliance: This registration marks our continued commitment to innovation while meeting regulatory requirements. We evolve with the highest industry standards to offer our customers modern and compliant solutions.

UpperBee Pay: an ongoing commitment to quality and trust

At UpperBee, we consider this registration a crucial step to improve our services and build trust among our customers.
In addition to FINTRAC accreditation, UpperBee Pay is also:

  • A money services business (MSB) registered with Revenu Québec 
  • The banking partner used by UpperBee Pay is a financial technology company certified SOC 1, SOC 2 and PCI-DSS: Worldline.
    These certifications are international standards of security and compliance. By partnering with a certified company, UpperBee Pay ensures that its payment services meet the highest security standards.

We look forward to continuing to raise standards in the property management and financial services industry.

Do not take unnecessary risks, choose UpperBee Pay, the electronic payment solution to accelerate the collection of your rents and condo fees, simplify the payment of suppliers and other stakeholders, and compliant with strict FINTRAC standards.

» Do not hesitate to contact us to find out more about UpperBee Pay.

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