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ARTICLE · 18 FEBRUARY 2020

Open Banking In Canada: Part 2 – Further Regulatory Insights

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Further to our previous post which introduces the concept of open banking and how Canada is approaching it, the Department of Finance, through its Advisory Committee on Open Banking, has completed its initial review ...

CanadaFinance and Banking
Daniel Leslie
Daniel Leslie
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Further to our previous post which introduces the concept of open banking and how Canada is approaching it, the Department of Finance, through its Advisory Committee on Open Banking (the Committee), has completed its initial review (the First Phase Review) which focused on: (i) the ways in which open banking would provide meaningful benefits and improve outcomes; (ii) how risks should be managed to ensure confidence in the system; and (iii) how the government should approach implementing open banking. The Committee has now released its findings following the First Phase Review. Its key findings, recommendations and proposed next steps are detailed below.

Key findings:

Following the First Phase Review, the key findings of the Committee are as follows:

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