Advocates for 'open banking' say it'll save Canadians money — but that it's taking too long to happen in this country.
Federal efforts to bring "open banking" to Canada are being welcomed by players in the industry — but there's also criticism that, after years of waiting, any changes may not come fast enough to encourage innovation or allow smaller financial players compete with larger institutions.Advocates for 'open banking' say it'll save Canadians money but is taking too long to be implemented.
That access would only be with permission, and secure and standardized across Canada, which Sabet-Stevenson says addresses concerns raised by major financial institutions in the past. Zaidi says, with open banking, a Canadian applying for a financial product, such as a mortgage, may not have to manually collect all of their information for an application.
"I don't think they have an interest in it going fast," said Julien Brault, whose company makes the budgeting app Hardbacon. Dale, with Float, says he believes it should not be that difficult to implement regulations that give consumers the ability toAndrew Chau, co-founder of Neo Financial, says he believes open banking will lower fees for Canadians by increasing competition.
"Banks strongly support a resilient, consumer-centric framework that realizes the benefits of robust, secure and consumer-driven data exchanges while appropriately managing the risks created by the interplay between more in-scope data, newer players in the system, and increasingly sophisticated fraud," it said.
Even if it comes slower than some might like, Andrew Chau says open banking would benefit consumers by letting companies like his better compete with the big institutions.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Disability benefit won’t lift Canadians in need above poverty line: advocatesDespite being touted by the Liberals as the budget’s largest line item, critics say the funding won't help the 1.4 million disabled people living in poverty across Canada.
Read more »
Ottawa set to lower maximum interest rate on consumer loan productsExperts and advocates for low-income Canadians are divided on how effective the changes will be
Read more »
Canadians aren't happy with Air Canada for introducing another fee at check-inAir Canada passengers with standard or basic fares can now change their automatically assigned seat during check-in, but for a fee, and Canadians a...
Read more »
Canadians should expect politicians to support right to bail: office of Canada's justice ministerThe office of Canada's justice minister says the public should expect politicians to support their right to bail and to be presumed innocent — warning that 'immediate' and 'uninformed reactions' only worsens matters.
Read more »
Meet the four Canadians representing the Alberta Prairies for Canada's Ultimate ChallengeDarko Boskovic of Calgary, AB, Dominic Kehoe of Valleyview, AB, Shasily Matowe of Edmonton, AB, Shannon Torgerson of Warburg, AB will compete in Season 2 of Canada's Ultimate Challenge.
Read more »
The Liberal’s immigration policies have accomplished the opposite of what was intendedOnce a foundation of multicultural Canada, support for immigration among Canadians is eroding
Read more »