On January 11, 2019, the Department of Finance launched a public consultation seeking feedback on the merits of open banking for Canadian citizens, to assist the Advisory Committee on Open Banking, which was formed in September 2018, to better understand and draw conclusions on the matter through the contributions received.
The consultation paper describes the process of open banking as “a framework where consumers and businesses can authorize third-party financial service providers to access their financial transaction data, using secure online channels.”
As noted by the government, open banking may bring many benefits for Canadian consumers and small businesses. These benefits include:
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