Open Banking in Canada – current regulatory insights

Open banking is a safe and secure technology that allows consumers to enable banks to disseminate their information to third party services providers.  As a concept, open banking is more developed in other countries such as the United Kingdom (the UK) and Australia.  In Canada, the concept is steadily evolving and is still being deliberated among lawmakers.  This article provides a quick synopsis of the current regulatory state of open banking in Canada, with a view towards its possible implementation. In a recent consultation paper by the Canadian Department of Finance (the Consultation Paper) the term open banking is described as “a framework where consumers and businesses can authorize third party financial service providers to access their financial transaction data, using secure online channels.”  An alternative characterization of open banking as “consumer-directed banking” was proposed in a recent meeting of the Canadian…

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