Full Breakdown
Bank of Canada Halts XTM's Payment Activities Amid Missing Tips Controversy
2/18/2026, 6:27:44 AM
Immediate Action by the Bank of Canada
On Tuesday, the Bank of Canada issued a temporary order requiring XTM Inc. to cease all retail payment activities. This decision follows numerous reports from the hospitality sector in British Columbia regarding missing tips managed by XTM's payment platform, previously known as AnyDay and now called Everyday. The company facilitates the collection and distribution of tips to restaurant staff via pre-paid cards.
Reports of Missing Funds
Since early February, various businesses in B.C. have reported significant amounts of missing funds. Eric Griffith, owner of Alta Bistro and Alpha Cafe in Whistler, stated that his establishment is missing $4,500. Similarly, Matthew Upton, co-owner of The Broken Seal restaurant in Squamish, reported a loss of $12,000, while Dan Webster from Container Brewing in East Vancouver noted a shortfall of $3,100. These incidents have raised serious concerns among restaurant owners regarding the reliability of XTM's services.
Regulatory Concerns
The Bank of Canada has expressed serious concerns regarding XTM's management of client funds. In its statement, the Bank indicated that the order prohibits XTM and its affiliates from conducting any transactions or withdrawals related to the AnyDay platform. This action was taken under section 94 (4) of the Retail Payment Activities Act (RPAA), reflecting the Bank's belief that allowing XTM to continue operations could harm the public interest.
Official Statements & Responses
The Bank of Canada emphasized the necessity of safeguarding client funds, stating, “The Bank has serious concerns that XTM failed to safeguard client funds in its possession.” Despite multiple attempts by Global News to reach out to XTM's CEO, Marilyn Schaffer, for clarification on the missing funds and the timeline for restitution, no responses were received.
Criticism & Opposition
Critics of XTM's practices have voiced their frustrations, highlighting the lack of communication and transparency from the company regarding the missing funds. Restaurant owners have expressed their discontent over the financial impact of the situation, which has left many businesses in a precarious position.
What's Next
As the situation unfolds, the Bank of Canada’s order remains in effect, and the future of XTM's operations is uncertain. Restaurant owners are awaiting further information on the recovery of their funds and any potential regulatory actions that may follow.
