Canada’s Advisory Committee on Open Banking has handed in its three year investigation on the country’s potential for open banking, setting a tentative opening phase date of January 2023, according to a press release.
The report, submitted to Deputy Prime Minister and Minister of Finance Chrystia Freeland last week, states that while four million Canadians currently access open banking services, the screen scraping-based services are currently “unsecure, inefficient, unregulated, and an unreliable method of data sharing.”
“Consumer-driven finance, or open banking, is already part of Canadians’ lives. Many use digital services every day to manage their money, to budget for expenses and to make investments,” Freeland said, following the report.
As a result, the committee stated that the country’s open banking must be broad enough to provide useful, competitive and consumer-friendly financial services to citizens and include government and industry collaboration to create a roadmap for the country.