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ARTICLE · 29 APRIL 2024

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Budget 2024: Canada Moves One Step Closer To Open Banking

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On April 16, Canada's federal government (the Government) released its 2024 budget (the Budget).

CanadaGovernment, Public Sector
Brigitte Goulard
Brigitte Goulard
Eli Monas
Eli Monas
Marissa Daniels
Marissa Daniels
Nic Wall
Nic Wall
James Flynn
James Flynn
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On April 16, Canada's federal government (the Government) released its 2024 budget (the Budget). As part of the Government's ongoing efforts to establish a modern digital payments system for Canada, the Budget included additional details on the establishment of a consumer-driven/open banking framework (the Framework).

What you need to know

  • In a previous bulletin, we considered the future of payments in Canada and assessed what steps the Government needs to take to establish a modern digital payments system. The Government has already introduced certain initiatives, such as the launch of Lynx (Canada's new high-value payment system). Other initiatives, such as the Retail Payment Activities Act (RPAA), are being rolled out.

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