Canada calls for open banking answers
Sorry! The Department of Finance Canada has launched consultations on open banking as it seeks to get the right fintech blend.
To this end, the department has released a consultation paper on the merits of open banking. This follows the appointment of the Advisory Committee on Open Banking in September 2018.
The department explains: “Open banking has the potential to offer a secure way for Canadian consumers – including small businesses – to consent to sharing their financial transaction data with financial service providers, allowing them to benefit from a broader range of financial products and services.”
It does have specific questions – such as would open banking provide meaningful benefits to and improve outcomes for Canadians? In what ways?
In addition, for Canadians to feel confident in an open banking system, how should risks related to consumer protection, privacy, cybersecurity and financial stability be managed?
Upon conclusion of this consultation, the committee will deliver a report assessing the merits. It will consider implementation opportunities and challenges later in the year.
You can get more information and give feedback here. It wants your answers by 11 February 2019.