Mr. Open Banking’s Post

Canada's 2024 federal budget has earmarked cash for the Financial Consumer Agency of Canada to begin preparing to oversee a new framework and system for open banking. Smith finance professor Lynnette Purda says once a legal and technical framework is in place, banks could collaborate more easily. "There's a definite movement from a perspective of this being competition to co-operation and collaboration and partnership," says Purda. Read more at CBC: https://lnkd.in/eAWqFznv #SmithBusiness #SmithFaculty #Finance #OpenBanking

On June 20, 2024, Bill C-69, the Budget Implementation Act, 2024 received royal assent. Among other things, Bill C-69 enacts the Consumer-Driven Banking Act and makes related amendments to the Financial Consumer Agency of Canada Act. Together, these changes establish Canada’s first legislative framework for consumer-driven banking. Read more from Darcy Ammerman and Robbie Grant here: https://bit.ly/4eFRocq #canadalaw #financelaw #consumerbanking

Hold onto your hats, Canada! 🇨🇦 Canada's banking sector is on the brink of of huge acceleration following the federal government's announcement of new legislation for open banking. On Wednesday, Finance Minister Chrystia Freeland released a new regulatory framework after months of pressure from the finance industry and opposition parties. But what is open banking, how does it work? Find out 👇 https://lnkd.in/ecT5uAsu #FinanceNews #Atto #Canada #OpenBanking

🇬🇧 What commitments has The Labour Party made to Open Banking and Open Finance in its plans for the UK's financial services sector? Shadow Chancellor Rt Hon Rachel Reeves MP has set out her Party's intentions should they win the next general election - but what does the Open Banking community make of them? Read on to find out what Richard Newman, corporate affairs director at Open Banking had to say in response to Labour's 'Financing Growth' document, as well as Tom Burton and Ben Ruffels. Volt.io GoCardless Clare Ambrosino Tulip Siddiq The Payments Association #openbanking #openfinance #paymentsinnovation #payments #buynowpaylater #financialinclusion #centralbankdigitalcurrency #labourparty #financialservicesindustry #financialservices #fintechs https://lnkd.in/eY3cnXTc

Last week, the Canadian House of Commons has taken a significant step by passing Bill C-365, requiring the government to move forward with consumer-driven banking within 30 days. While Canada has been behind on advancing 'open banking' relative to other countries, this move will improve Canada's financial services sector competitiveness and provide access to new financial products for Canadians. The federal government has already pledged to introduce a consumer-driven banking framework as part of the 2024 budget cycle. Although we're moving in the right direction, we'll have to wait and see what our current government will say about consumer driven banking on April 16 Budget Day. With over $7.7 billion dollars in 'excess fees' charged by the Big 5, that's nearly $250/year/Canadian that we could be saving by moving swiftly to introduce consumer driven finance. Canada needs a strict timeline on introducing consumer driven finance in order to increase the competitiveness, fairness and security of one of Canada's most important sectors.

✍ Open Finance Network Canada has written to Finance Minister Chrystia Freeland to ensure that Canadian 🇨🇦 small businesses are represented in a formalised Open Banking framework. The OFNC cited “notable examples” of countries that have “embraced” Open Banking in a way that is conducive to small businesses, including the UK, Brazil and Australia. Read more at the 🔗 Michelle Beyo Roy Kao Michelle Winsor Eyal Sivan Daniel Kornitzer Bhupinder Singh #openbanking #smallbusiness #canadianbusinesses #openfinance #consumerdrivenbanking #financialdata #datasharing #canadianeconomy #economicgrowth https://lnkd.in/geMCnfjF

🎙️ In a recent interview with BetaKit, Saba Shariff, SVP Chief Strategy, Product, and Innovation Officer at Symcor discussed the state of Open Banking in Canada and the pivotal role data intermediaries will play in this new landscape.   👉 Read the full article to explore the latest developments, challenges and opportunities in Canada’s Open Banking future. Learn how Symcor’s COR.CONNECT platform fosters collaboration and drives innovation in the Open Banking ecosystem. https://lnkd.in/gEj5wwvd

Thank you BetaKit for the opportunity to discuss #openbanking. The case for proper, consumer consented, API-based data sharing is clear. ~9M Canadians are sharing their data with 3rd parties through sharing their credentials (usernames and passwords) and screen scraping. So what’s the problem? Well: #1 Credential sharing puts consumers at risk should these sensitive details be compromised, and by its nature, scraping captures more data than the consumer often realizes. #2 3rd parties (Banks, Fintechs) trying to use and leverage that data to provide compelling services to consumers and small businesses are dealing with poor data quality and access. Open Banking addresses both by ensuring a move away from credential sharing and screen scraping: 🌟 The consumer will only log in directly through their financial institution, authorize specific data sharing for specific time periods and that data will be shared through secure APIs. 🌟 Through API and user experience standards, the quality of the data and access will be vastly improved. What we’ve done at Symcor is make it easier, more secure and far more efficient to enable Open Banking ... happy to be a part of the leap forward :)

It's officially tax season in Canada! Imagine if sharing info with a tax professional were simple, and fliling was a quick and seamless experirence. With open banking on the horizon, that's not too distant a reality: https://ow.ly/yXB350R3CH1 #openbanking #openbankingincanada #taxseasonishere #taxseason

The Competition Bureau is pushing for an open banking framework to boost competition in Canada's financial sector. https://hubs.la/Q02qCvP40 #financialnews #openbanking #bankingandfinance #financialregulation