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ICYMI - a great read from Alex Vronces. Open banking in Canada is surrounded by mystery (my polite word for lack of movement/# of unknowns) and often led by the narrative of what's at risk for Canadians. Alex makes a great point in this article. Article quote: "To me, the open-banking revolution is about keeping Canadian banking boring. It’s not about cracking open the vault of financial data; that much has already happened. It’s about securing the vault and giving Canadians the right to decide when it can be opened." https://lnkd.in/g345UJeM #openbanking #creditunions #banking #canada

It is incredible to me that in Canada, we cannot seem to make progress on either #OpenBanking or #PaymentsModernization. Both of these are critical to enabling choice for Canadians and to stimulate long overdue innovation in the banking space. It's beyond time to get moving on both of these critical pieces of banking enablement #BuildingBanks #MinisterOfFinance https://lnkd.in/g9cCrzgv

Open banking was talked about back in 2019 and is the system a lot of countries already use. The system gives the customer control of their finances, streamlines any application process as all information is centralized and gives the customer the freedom to switch banks in a seamless manner. It is now being rolled out in Canada and will change the way we do banking. #innovation #bankingsystem #openbanking

Canada is set to embrace "consumer-driven banking" with the upcoming Open Banking initiative outlined by Deputy Prime Minister and Finance Minister Chrystia Freeland in the Fall Economic Statement (FES)!   In the 2023 FES, the Canadian government commits to developing a legislative framework that empowers consumers to securely access their financial data and utilise services for enhanced financial outcomes.   Key Points: 1. Phased Approach (Budget 2024): Legislation for consumer-driven banking to be introduced, covering scope, participants, data sharing, and functionality. 2. Technical Standards Oversight: Department of Finance to detail oversight in the next Budget, with a clear timeline for phasing out screen scraping. 3. Single Technical Standard: Canada to adopt a single standard based on stakeholder consultation and global best practices. 4. Government-Led Oversight Entity: Similar to the UK model, a government-led entity will supervise and enforce the framework. 5. Accreditation Framework: A formal framework will ensure only trusted entities access financial data. 6. Exemptions: Federally-regulated banks and credit unions exempt from accreditation. This development follows collective calls from industry groups, including the Council of Canadian Innovators, OFNC, Fintechs Canada, and the Conservatives, reinforcing the imperative of Open Banking for Canada's economic competitiveness.   A significant leap in financial innovation and the pursuit of a robust and consumer-centric banking landscape! ! 🌐💼 #OpenBanking #CanadaFinance #ConsumerDrivenBanking #Canada #Innovation

Canada is on the brink of a major banking revolution with #OpenBanking. More control over your financial data and payments? Yes, please! 🇨🇦💸 https://ow.ly/jXjj30sAUCK #ChangeIsComing #CanadaFinance

Canada is on the brink of a major banking revolution with #OpenBanking. More control over your financial data and payments? Yes, please! 🇨🇦💸 https://ow.ly/831v30sATa5 #ChangeIsComing #CanadaFinance

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.

As Canada’s largest province and the home of Canada’s big banks, it’s great to see the Ontario government support #openbanking and payments modernization like real-time rail. Unfortunately, the federal government continues to delay this badly needed upgrade to Canada’s financial system. Here are just a few examples of how Canadians would benefit from open banking and modernized payments: — Increased competition in financial services, leading to lower fees and better rates of return for customers — Easier to close, cancel, or move your account for a better rate or rewards. — Harder for banks to lure customers with a promotional interest rate that drops after a few weeks — Harder for banks to chip away at your money with hidden fees — Less need (or no need!) to waste time in line at a bank branch — Faster, more reliable payments with 24/7 digital access to your funds We hope to see other provinces join Ontario in supporting open banking, and the consumer choice, healthy competition, and exciting innovations that will be unlocked.

The Canadian government is stepping up with promised legislation for open banking by the end of the year, aiming to revolutionize the financial services landscape. The Financial Consumer Agency of Canada (FCAC) is all set to take the reins, ensuring a smoother, more secure data-sharing process between banks and third-party providers. This is a game-changer for consumers and fintech innovators, promising enhanced financial management, innovation, and competition. Read more: #OpenBanking #FinancialInnovation  

Canada is on the brink of a major banking revolution with #OpenBanking. More control over your financial data and payments? Yes, please! 🇨🇦💸 https://ow.ly/Qynu30sAVkG #ChangeIsComing #CanadaFinance