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

A man speaks on the phone as he walks past the Bank of Canada in Ottawa on Wednesday, Sept. 17, 2025. THE CANADIAN PRESS/Adrian Wyld

OTTAWA — The Bank of Canada says it has ordered restaurant tip manager XTM Inc. to stop performing any retail payment activities.

The central bank says it has “serious concerns” that XTM has failed to safeguard client funds and has reason to believe that allowing it to continue operations could be harmful to the public’s interest.

XTM provides a payment service for restaurant owners to gather and distribute tips to staff using pre-paid cards through a platform called Everyday, previously called AnyDay.

The Bank of Canada says the company’s financial statements show it has failed to safeguard those funds and caused a significant shortfall in end-user funds to accrue.

It has ordered XTM to not withdraw from any accounts associated with the platform, and that it has to stop representing itself as a payment service provider.

Anne Butler, managing director of supervision at the Bank of Canada, says in an order that she’s concerned XTM’s ongoing involvement in the platform could have a significant adverse impact on end users.

This report by The Canadian Press was first published Feb. 17, 2026.