OPEN BANKING IN CANADA: A MISSION TO DELIVER GREATER OPPORTUNITIES TO CONSUMERS
Interest in Open Banking is strong in Canada, where conversations center around “consumer-directed finance” and an effort to deliver greater choice, control and personalization in financial services.
An initiative driven by the Open Banking Initiative Canada (OBIC) seeks to regulate the protection of financial data, products and processes. According to the Manifesto published in April 2021, the final step in implementing the framework will be developed collaboratively by industry and government. The organization also confirmed in the same document that this final step is expected in 2022.
