Open Banking Canada

Open banking is poised to transform the landscape of the financial services industry. It will change how consumers engage with their banks and financial services providers, introduce new channels, and promote innovation and competition in financial products and services.

In Canada, the Standing Senate Committee on Banking, Trade and Commerce is calling for decisive action from the federal government to move forward with an open banking framework. This is a strategic opportunity for both new and established institutions — and a potential source of risk that needs to be carefully managed and mitigated. Maintaining a trusted open banking ecosystem requires new business and operating models, rapid innovation cycles, flexible technology integration, enhanced security and an updated privacy and liability regime.