Open Finance Network Canada (OFNC)

📢 Exciting Open Banking Update in the U.S. The U.S. has taken a major step forward with the recent release of its open banking rules. The U.S. Consumer Financial Protection Bureau is setting the stage for greater consumer control over financial data, aiming to phase-in requirements. Phase 1 will allow large institutions to provide data via standardized APIs by April 1st, 2026. This landmark shift encourages secure API use over screen scraping, limits fees for data access, and empowers consumers to revoke data access on demand. We continue to advocate for open banking in Canada, with anticipated developments in open banking legislation in the fall economic statement. Please stay connected with us at OFNC as we continue encouraging and bringing the industry together to discuss the future of open financial services in Canada. For more information: https://lnkd.in/g4YzJ7dG #OpenBanking #Fintech #DataEmpowerment #FinancialInnovation #Canada Michelle Beyo Tara Wilson, CDI.D Roy Kao Eyal Sivan Karen Budahazy Carlos Beltran Daniel Kornitzer Bhupinder Singh

Exciting news for the future of open banking in Canada! Shereen Benzvy Miller has been appointed as the new Commissioner of the Financial Consumer Agency of Canada (FCAC), taking on the role as the agency expands its oversight to include open banking. This marks a significant moment in ensuring Canadians' financial data is securely shared with third-party providers like budgeting apps and fintech services. Miller’s extensive government and regulatory oversight background makes her an ideal choice to lead the charge in advocating for consumers’ rights in this evolving financial landscape. With her leadership, the FCAC will continue to protect the interests of Canadians while fostering innovation and competition within the financial services sector. #OpenBanking #Fintech #FinancialInclusion #DataSecurity #OFNC #ConsumerProtection #InnovationInFinance #FCAC #CanadaFinance Michelle Beyo Tara Wilson, CDI.D Karen Budahazy Roy Kao Eyal Sivan Carlos Beltran Megha Sharma Daniel Kornitzer https://lnkd.in/e3WA5yuF

🎉 Huge congratulations to all the Open Banking Expo Awards 2024 winners! We want to give a special shout-out to Open Banking Expo (OBE) for another incredible event and for celebrating the innovations and pioneers driving the Open Banking and Open Finance sectors forward. A particularly exciting moment for the Open Finance Network Canada (OFNC) was seeing our Chair, Michelle Beyo, founder of Finavator, being Highly Commended in the Woman of the Year – International category. We’re also thrilled to see Carrie Forbes, former OFNC board member and CEO of League Data, crowned Woman of the Year – International. We couldn’t be happier for her and her well-deserved recognition! Thank you to Open Banking Expo for spotlighting trailblazers like Michelle and Carrie, and congratulations to all the award winners for their outstanding achievements. Here's to pushing the boundaries of Open Banking, Open Finance, and Payments globally! 🌍💡 #OBE2024 #OpenBankingExpo #OpenFinance #OFNC #Innovation #Leadership #FinTech #WomenInFinTech Looking forward to more milestones ahead! 👏 https://lnkd.in/dfSjsb46 @OpenBankingExpo @Finavator Michelle Beyo Carrie Forbes Carlos Beltran Tara Wilson, CDI.D Karen Budahazy Eyal Sivan Roy Kao Megha Sharma Nur Öztin Kurak, MSc Daniel Kornitzer Bhupinder Singh

Webinar Announcement! OFNC is excited to have many of our board members speak at NextFi’s Open Banking virtual event on September 26th! This gathering of industry leaders will explore the implementation of open banking solutions and their potential to drive financial advancement. Join this free event to hear "How to Accelerate Fintech Clusters Through Open Banking" at 12pm EST with experts: 🎤 Michelle Beyo CEO FINAVATOR INC & President, Open Finance Network of Canada 🎤 Abdi H., Director, Payments Strategy and Partnership Development, Wealthsimple and OFNC Board Advisor 🎤 Adam B., Partnerships and Open Banking Lead, TSB Bank Moderated by Alex Vronces Executive Director at Fintechs Canada Also join our Eyal Sivan GM Ozone API, OFNC Board member AKA Mr.Open Banking session "Canada and US Diverging Paths on Open Banking" at 11:05am EST Congratulation Marc Andrew Founder, NextFi on this great half day event called "Achieving Open Banking" This is a fantastic opportunity to deepen your understanding of open banking trends, explore innovative solutions, and engage in stimulating discussions. Don’t miss out! Register for free to secure your spot: https://lnkd.in/gA4KPd8U #openbanking #openfinance

Power of Open Finance for SME’s 🔥 We are proud to share that our event last was a great success! We focused on our Whitepaper “Unveiling the Potential: The Benefits of Open Finance for Small Business” We had so many of Canada’s 🇨🇦 expert in the room including: 🎤 Host: Michelle Beyo “CEO, FINAVATOR INC & President, OFNC Opening Speaker: Ann Cavoukian, Ph.D. former Privacy Commissioner and creator of “Privacy by Design” 🎤 Moderator: Megha Sharma OFNC, Board Advisor 🎤Eyal Sivan Mr. Open Banking & GM North America Ozone API 🎤Daniela Chiasson Peoples Group 🎤Simon Gaudreault Chief Economist Canadian Federation of Independent Business As well as so many OFNC members as well as industry leaders Karen Budahazy Carlos Beltran Abdi H. Thierry Sébastien Battistini Matt McGuire FCPA, FCA, CFF, CAMS, AMLP, CCI Nur Öztin Kurak, MSc Elena Litani Frank Monaco Ana Badour Braulio Lam Marko Pavlovic Buffy (Elizabeth) Duke and so many more Thank you to our incredible panelist, our volunteers, board, members and industry leaders for joining us Excited for the future for Canadian SME’s. We hope for a path to consumer driven banking that includes read followed by write access and access to SME data with multi consent. #openbanking #openfinance #consumerdrivenfinance #privacybydesign

🚨 Tickets are going fast! 🚨 Don’t miss out on our in-person September session: Enhancing Financial Inclusion in B2B, featuring a keynote from the renowned Ann Cavoukian, Ph.D., former Privacy Commissioner for 20+ years, who will kick off the event with a deep dive into Privacy by Design. Join us as we host a powerful panel discussion that explores financial inclusion for SMEs, building on insights from our recently published white paper. 🎟️ Tickets are limited, so secure yours now and be part of this important conversation! https://lnkd.in/egFCy8Kw #FinancialInclusion #B2B #OFNC #PrivacyByDesign #SMEs #PanelDiscussion #openfinancenetworkcanada Michelle Beyo Tara Wilson, CDI.D Daniel Kornitzer Mr. Open Banking Karen Budahazy Carlos Beltran Megha Sharma Roy Kao Abdi H. Cindy Zhang Bhupinder Singh

🎫CLA summit discount to OFNC community! Join Canadian Lenders Association for their 2024 “Sustainable Finance Summit” on September 12th at the EY Tower in downtown Toronto. This is a topic increasingly relevant to all bank and non-bank. Their keynote speech is Michael Jantzi board member of International Sustainability Standards Board (ISSB), at IFRS who will explore how sustainability disclosures globally will empower capital market participants with information to support better economic and investment decision-making, leading to transparent and resilient markets. Throughout the day, we will dive into crucial topics including climate risk frameworks, OSFI Data Models, AI in Banking & Sustainability, SME Decarbonization Strategies, and much more! Great roster of industry leaders, including all major banks and enablers including: BMO, Scotiabank, RBC, CIBC, TD, EQ, EY, EDC, Forvis Mazars, MNP and many more. Register using the discount code "SFS10" to receive a 10% discount on the tickets. Gary Schwartz Luna Besaiso https://lnkd.in/gCAkq2bT

📣 New Event Alert! We're excited to announce our next OFNC Industry in-person event focused on our Whitepaper “Unveiling the Potential: The Benefits of Open Finance for Small Business” 🎤 Host: Michelle Beyo, CEO, FINAVATOR INC & President, OFNC Opening Speaker: Ann Cavoukian, Ph.D. former Privacy Commissioner and creator of “Privacy by Design” 🎤 Moderator: Megha Sharma OFNC, Board Advisor For this month’s session, we are excited to have some incredible panelists including: ✅ Eyal Sivan Mr. Open Banking & GM North America Ozone API & OFNC Member ✅ Daniela Chiasson VP Business Development Peoples Group & OFNC Member ✅ Simon Gaudreault VP Reseach & Chief Economist Canadian Federation of Independent Business OFNC Whitepaper Contributor Event Details: 🗓 Sept 17th, 2024 ⏰ 5:00 PM - 8:00 PM EST 📍Ontario Investment and Trade Centre (250 Yonge Street, 35th floor, Toronto, Ontario) 🎫 $65 a ticket  📋Agenda  5pm Doors open  5:30 Welcome  5:35 Opening Speech on Privacy by Design by former privacy commissioner for 20+ years  5:50 Megha OFNC advisor Summarizing our white paper  6:00 Panel Discussion on SME’s  7:00 Cocktails & Apps  8:00 Close 👉 Use our code OFNC20SME for 20% off your ticket until Sept 10th (limited seating available) 🔗 Don’t miss out! You can register for our September Industry Discussion here 👉 https://lnkd.in/exY-2AFB Roy Kao, Tara Wilson, CDI.D Donna Galloway, Bhupinder Singh, Daniel Kornitzer, Karen Budahazy, Abdi H., Cindy Zhang, Carlos Beltran #openbanking #openfinance #canada #Consumerdrivenbanking #CDB

✨Exciting OFNC PR Announcement! 🚀 Unveiling the Potential: The Benefits of Consumer-Driven Finance for Small Businesses in Canada 🇨🇦 The Open Finance Network of Canada (OFNC) is excited to announce the release of our latest whitepaper on the transformative potential of open finance for Canadian small businesses. With the royal assent of Bill C-69 on June 20, 2024, Canada is poised to transition into a consumer-driven banking framework. This landmark legislation represents a significant milestone in modernizing the Canadian banking system, promising substantial benefits for consumers and SMEs alike. “In Canada, SMEs make up 95% of all companies and 85% of jobs and generate over half of its GDP. It is key to have an Open Finance framework that allows SME's to not only participate, but thrive.”— Eyal Sivan, Board Member at OFNC & Mr. Open Banking This whitepaper is a collaborative effort, enriched by contributions from our dedicated OFNC Board, Advisory Members, Volunteers, and Members including Peoples Group, Wealthsimple Matera, Portfolio+, BEworks , Ozone API, SecureAuth Corporation, League Data and Matera We want to extend our gratitude to industry partners such as the Canadian Federation of Independent Business, Open Banking Expo, and Xero for their invaluable resources and expertise. Special thank you to Whitepaper leads from OFNC Michelle Beyo, Donna Galloway, Megha Sharma, Carlos Beltran, Nur Öztin Kurak, MSc Our whitepaper has quotes from the following experts Carrie Forbes, Jeremy Bornstein, Huw Davies, Abdi H., Thierry Sébastien Battistini, Michelle Hilscher, Ph.D. Brook Lovatt to name a few. 👉 Download the whitepaper https://lnkd.in/eEQqUBZT to explore how OFNC provides a comprehensive analysis of the current state and prospects of open finance, with a particular focus on its impact on small businesses. While there is more work ahead to expand this framework and make consumer-driven banking accessible to all Canadians, Bill C-69 establishes the foundation for an ecosystem where data flows securely and with consent. Our whitepaper captures these insights and lays out a clear roadmap focused on SME access and success in this new financial landscape. As the financial sector continues to evolve, open finance is set to revolutionize the industry with more personalized and efficient services, fostering innovation, and enhancing competition. ➡️Read more about our PR https://lnkd.in/gU6HvZ2i #OpenFinance #ConsumerDrivenFinance #SmallBusinessCanada #BillC69 #Innovation #FinancialServices #OFNC #Whitepaper #FutureOfFinance Eyal Sivan Roy Kao Donna Galloway Tara Wilson, CDI.D Bhupinder Singh Karen Budahazy Daniel Kornitzer Cindy Zhang

🗞️Big Consumer Driven Banking News 🇨🇦 We are pleased to share that on June 20, 2024, Bill C-69 received royal assent, codifying the foundational elements of the consumer-driven banking framework into the laws of Canada. This step marks a key milestone in the modernization of the Canadian banking system, bringing significant expected benefits to Canadian consumers and small and medium business owners. The law includes a few key elements first announced in the Federal Budget of 2024: ➡️That the Consumer-Driven Banking Act is to be enacted ➡️The amendment of the Financial Consumer Agency of Canada Act appointing the Financial Consumer Agency of Canada (FCAC) as the supervisor of the participating entities, the external complaints body, and the technical standards body to ensure compliance with the Consumer-Driven Banking Act ➡️That a Senior Deputy Commissioner for Consumer-Driven Banking by appointed by the Commissioner of FCAC ➡️An advisory or other committees may be established to assist the Senior Deputy Commissioner ➡️Offense and penalties be defined for those who contravene the act, the purpose is not to punish, but to promote compliance with the consumer provisions While much work remains for the government to build upon this legislative framework in order for consumer-driven banking to become accessible to all Canadians, this is a pivotal step forward towards the dawn of open finance and open data for Canada. And it paves the way for an ecosystem where data flows seamlessly and securely with consent to empower consumers and drive future innovations for the Canadian financial services sector. Want to read more ⏩ https://lnkd.in/g_uXZEZ7 Congratulations to the whole ecosystem on this important milestone as it has taken years of advocation to achieve this first step. Thank you to all OFNC Board & Advisors, Volunteers and Members. Eyal Sivan Roy Kao Donna Galloway Tara Wilson, CDI.D Michelle Beyo Bhupinder Singh Karen Budahazy Daniel Kornitzer Cindy Zhang Abdi H. Megha Sharma Nur Öztin Kurak, MSc Carlos Beltran Ozone API Peoples Group ATB Financial IG Wealth Management Modes the AML shop Wealthsimple League Data Matera Portfolio+ BEworks and other partners Open Banking Expo