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ARTICLE · 12 SEPTEMBER 2018

Open Banking Update: Canada 2020 Issues Open Banking Report

McCarthy Tétrault
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On July 5, 2018, Canada 2020, a Canadian think-tank, published its report on open banking following a Policy Lab which brought together various stakeholders to discuss open banking in Canada.

CanadaFinance and Banking
CyberLex Blog
CyberLex Blog
Ana Badour
Ana Badour
Shauvik Shah
Shauvik Shah
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On July 5, 2018, Canada 2020, a Canadian think-tank, published its report on open banking following a Policy Lab which brought together various stakeholders to discuss open banking in Canada. While still a relatively new concept in Canada, open banking has the potential to transform the financial services sector. The federal government is currently undergoing a review of open banking to assess whether it could have a positive impact on consumers while considering the risks to consumer privacy, data security, and financial stability.

What is Open Banking?

"Open Banking" refers to an emerging financial services business model that focuses on the portability and open availability of customer data, including transactional information. The core aim of open banking is to enable consumers to share their financial data between their financial institution and third party providers (and between financial institutions), typically through the use of application programming

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