Bank of Canada orders restaurant tip manager XTM to halt payment activities

Bank of Canada Orders Tip Manager XTM to Stop Payment Operations for Failing to Protect Clients’ Funds

The Bank of Canada says it has issued a temporary order to Toronto-based payment service provider XTM Inc. to immediately halt all retail payment activities for failing to safeguard clients’ money. The Feb. 17 order says the central bank has “serious concerns” that third-party payment service XTM has failed to protect client funds and has grounds to suspect that permitting it to maintain operations may pose a risk to the public’s interest.  XTM’…

Bank of Canada orders tip manager XTM to halt payments as B.C. restaurants’ money missing

This comes after more people in the hospitality industry across B.C. are coming forward about tips disappearing from the third-party program that manages them.

Bank of Canada orders restaurant tip manager XTM to halt payment activities

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Bank of Canada orders XTM to cease retail payment activities after investment regulator halts trading of its stock

The Bank of Canada has ordered Toronto-based FinTech company XTM and its affiliated entities to immediately cease payments activities, as customers of the company’s Edmonton-based subsidiary Everyday Payments allege their money is missing.  In a statement, the Bank of Canada said the order prohibits XTM or its affiliates from conducting any transactions or withdrawals from accounts associated with its payments platform. The order prohibits XTM …