Consultations on Open Banking Launched by Department of Finance Canada
According to the Department of Finance, open banking has potential to offer a secure way for Canadians individuals and small businesses to consent to sharing their financial transaction data with other financial service providers, thus allowing them to access a broader range of financial products and services.
The Government wants to get feedback and input on the following:
- Would open banking provide meaningful benefits to and improve outcomes for Canadians? In what ways?
- In order for Canadians to feel confident in an open banking system, how should risks related to consumer protection, privacy, cyber security and financial stability be managed?
- If you are of the view that Canada should move forward with implementing an open banking system, what role and steps are appropriate for the federal government to take in the implementation of open banking?
The Advisory Committee to the Open Banking Review/Financial Institutions Division
The Financial Sector Policy Branch
Department of Finance Canada
90 Elgin Street
Ottawa, Ontario, K1A 0G5