When is open banking coming to Canada? Ottawa says “at the earliest opportunity” Jun 19th

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When is open banking coming to Canada? Ottawa says “at the earliest opportunity”

– moneysense.ca

The federal government says it will introduce legislation to implement open banking at its “earliest opportunity” as some advocates warn the project’s momentum may have stalled.

Open banking or consumer-driven banking, as Ottawa calls it, is about allowing Canadians and businesses to securely share their financial data with third parties other than their banks.

Open banking could let Canadians with multiple accounts across different banks see their entire financial picture on one convenient dashboard. It also could help renters build their credit scores just by paying their rent on time every month.

Other nations have implemented open banking systems and the federal Liberals passed initial legislation last year to break ground on open banking in Canada.

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Delays in legislation for open banking

But getting to that point and keeping up the pressure to get the second half of that legislation tabled has been “a slog,” said Fintechs Canada executive director Alex Vronces…

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