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ARTICLE · 18 JULY 2019

Canada Must Take Action On Open Banking: Senate Committee

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Following hearings held earlier this year, the Standing Senate Committee on Banking, Trade and Commerce (the Committee) has tabled its report titled "Open Banking: What it Means for You" (report).

CanadaFinance and Banking
Brigitte Goulard
Brigitte Goulard
Molly Reynolds
Molly Reynolds
Ronak Shah
Ronak Shah
Colette Koopman
Colette Koopman
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Following hearings held earlier this year, the Standing Senate Committee on Banking, Trade and Commerce (the Committee) has tabled its report titled "Open Banking: What it Means for You" (report).

What you need to know

  • Open banking generally refers to a framework that gives customers access to, and control over, their financial data. In most countries, open banking has two elements: financial data portability and payments initiation.
  • The report finds that "control over personal financial data should lie with the consumer," and that approximately 4 million Canadians have already taken "control by using screen scraping1 apps offered by fintech companies in order to meet their needs for a more personalized, convenient digital banking experience."

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