On June 19, 2019, the Standing Senate Committee on Banking,
Trade and Commerce ("the Committee")
published a report on open banking entitled
Open Banking: What it Means for You ("the
Report"). The Report is part of the Federal
Government's ongoing exploration into the merits and risks of
open banking, many of which we previously summarized in our
February 2019 bulletin.
Open Banking at a Glance
Open banking refers to both free access to banking application
interfaces, and free distribution of consumer banking information
(with that consumer's consent).
On the technology side, an open banking industry is one in which
financial institutions make their application programming interface
("API") freely available. This allows
emerging fintech companies to work seamlessly with the API of an
established financial institution. On the consumer data side, open
banking gives more freedom for consumers to access their personal
information, and allows for the transfer of
