On August 4th the Department of Finance released the final
report from the Advisory Committee on Open Banking (the Report).
The Report recommends that Canada should push forward with open
banking and proposes an 18-month roadmap with a view to
implementing phase one of open banking by January 2023.
Background
The Report is the culmination of a process that has been
underway since the government first announced its intent to review
the merits of open banking in Budget 2018 and tasked the Advisory
Committee with leading the review.
The Report situates open banking in the context of broader
trends relating to the digital transformation of the global economy
and the right to data portability, noting that Canadians are
increasingly seeking the ability to use and move their data to
their benefit. Currently in Canada, more than four million
Canadians are already sharing their financial data through
"screen scraping" to gain access to innovative financial
management
