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ARTICLE · 23 APRIL 2024

Budget 2024 Introduces Canada's Consumer-driven Banking Framework

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Canada's Consumer-Driven Banking Framework (Framework) was released alongside the 2024 federal budget, and serves as an update to the previously released 2023 Fall Economic Statement...

CanadaFinance and Banking
Alana Scotchmer
Alana Scotchmer
Angelica Wilamowicz
Angelica Wilamowicz
Natalia Castro
Natalia Castro
Parna Sabet-Stephenson
Parna Sabet-Stephenson
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Canada's Consumer-Driven Banking Framework (Framework) was released alongside the 2024 federal budget, and serves as an update to the previously released 2023 Fall Economic Statement: Policy Statement on Consumer-Driven Banking. Here is what you need to know:

Wait, what is "consumer-driven banking"?

More commonly known as "open banking" or sometimes referred to as "consumer-directed finance," consumer-driven banking refers to a framework that allows consumers and small businesses to securely transfer their financial data through an application programming interface (API) to approved service providers of their choice.

Who benefits?

Building on the earlier Policy Statement, the Framework continues to emphasize benefits to consumers, small businesses and the Canadian economy at large. Among other things, it touts increased control over financial data and security protections for consumers; reduced administrative burdens, efficiency, and improved product access

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