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
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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 banking is coming, heralding big changes in how Canadians bank
financialpost.com
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🇨🇦 The Canadian government intends to introduce legislation that establishes the “foundational elements” of an Open Banking Framework this Spring. In Budget 2024, Finance Canada / Finances Canada announced that the Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada will be responsible for oversight, administration and enforcement of consumer-driven banking. Find out what else the Budget revealed about Open Banking in Canada ⬇ #openbanking #openfinance #banking #canada #datasharing #financialdata #consumerdrivenbanking Chrystia Freeland Steve Boms FDATA North America Roy Kao Michelle Beyo Open Finance Network Canada Fintechs Canada https://lnkd.in/dbzx244i
Canadian government provides clarity on Open Banking framework in Budget 2024 | Open Banking Expo
openbankingexpo.com
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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
Open banking could spur competition, but fintechs say Canada's moving too slowly | CBC News
cbc.ca
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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
Canada pushes for open banking to boost competition
wealthprofessional.ca
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🇨🇦 Fintechs Canada has asked the government to commit further funding to the Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada for consumer-driven banking, in the next federal budget. The not-for-profit has also called for the government to support delivery of Canada's Real-Time Rail on a "timely basis" ⏰ Read the full story below 👇 Alex Vronces #openbanking #openfinance #payments #realtimepayments #paymentsystem #Canada #fintechs #financialdata https://lnkd.in/edKmD7sz
Fintechs Canada asks government to provide extra funding to FCAC in Budget 2025 | Open Banking Expo
openbankingexpo.com
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🌟 Canada's Financial Future Is Rapidly Approaching! 🌟 Just caught up on the timeline for implementing this exciting initiative, and it's moving faster than expected! Stay tuned as Canada propels forward with Open Banking, unlocking new realms of financial empowerment and opportunity for everyone! 💼💡 #OpenBanking #FinancialEmpowerment #Innovation #CanadaFinance https://lnkd.in/gCuY_q8K
A timeline of the development of open banking in Canada
lexology.com
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🔓 Open Banking - What to Happen in Canada? Last November, in the fall budget, Canadian Finance Minister Chrystia Freeland did not offer any details about the upcoming open banking framework. She only mentioned the proposed framework will be out in 2024. The timeline alone made the whole Fintech community in the Great North excited. With the April 16th Federal Budget approaching, what to expect about open banking? According to the preview offered by the Canadian Press on March 10th: It will be a gradual evolution vs. a revolution. Looking at the UK, where open banking was introduced as early as in 2018. By June 2023, only 11% were using the open banking solution. The conservative Canadians will take time to understand what open banking means, as the term does not resonate with them. I would echo the assessment, per readers’ comments to multiple open banking editorials on Globe and Mail in the last few years. Consumers are wary of giving their banking data to unknown entities, rightfully so. It is the final competitive products that will win consumers, not a label. #consumerfinance #openbanking #newcredit #newfinance
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Yet another news in open banking. Canada's Competition Bureau submitted its response to Dept of Finance's consultation on strengthening of competition in the financial sector. Amongst its recommendations is the swift adoption of a consumer-driven banking framework. It's no secret that Canada's banking system is highly concentrated and this limits the incentives for banks to create new products and services for consumers and partners. In turn, consumers still perceive (and partly rightly) that there is a significant switching cost to changing banking provider which makes them pay an implicit loyalty penalty by not shopping around more. Regulation-led open banking, by forcing onto the financial system new data sharing obligations, should reduce barriers to entry for challengers to offer new products and services. We should not expect it to be the panacea that some claim it will be but I believe it to be a significant step in the right direction. #openbanking #canada #banking #digitaltransformation #regulation #openfinance
Competition Bureau provides recommendations to strengthen competition in Canada’s financial sector
canada.ca
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A second bill on #OpenBanking in Canada is expected this fall. The federal government plans to introduce a follow-up to the budget implementation bill, Bill C-69, expected after the 2024 fall economic statement. The bill will include key aspects like accreditation for participating entities. Read more from Advisor.ca: https://lnkd.in/g55_W7MT #OpenBankingInCanada #FallEconomicStatement
Second bill on open banking expected in the fall | Advisor.ca
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Open banking could revolutionize Canada's financial landscape, offering increased savings, better credit access, and lower rates. Tyler Thielmann, our President and CEO, highlights its importance in addressing Canada's productivity crisis in an article by Toronto Star. Curious about the potential impact of open banking in Canada? Check out this article to explore its significance. #OpenBanking #FinancialInnovation #ReadMore #CanadaFinance #ProductivityBoost https://sprng.ca/3xnHhI7
‘Open banking’ may soon be in Canada. Here’s what it means — and how it would save you money
thestar.com
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