Ottawa, Ontario – Canadians deserve a financial sector that is globally competitive and promotes consumer choice, while also delivering financial stability and economic growth. They must also have confidence that it operates with the highest regard for privacy and security.
To this end, the Department of Finance Canada today released a
consultation paper on the merits of open banking. The release of the paper and the launch of public consultations marks the next step in the Government's review of open banking, following the appointment of the
Advisory Committee on Open Banking in September 2018.
Open banking has the potential to offer a secure way for Canadian consumers—including small businesses—to consent to sharing their financial transaction data with financial service providers, allowing them to benefit from a broader range of financial products and services. This could better serve consumers and grow businesses and markets, contributing to the growth of the Canadian economy.
Through its consultations, the Government seeks to learn more about Canadians' views on open banking, specifically:
Would open banking provide meaningful benefits to and improve outcomes for Canadians? In what ways?
- In order for Canadians to feel confident in an open banking system, how should risks related to consumer protection, privacy, cyber security and financial stability be managed?
- If you are of the view that Canada should move forward with implementing an open banking system, what role and steps are appropriate for the federal government to take in the implementation of open banking?
Upon conclusion of this consultation, the Committee will deliver a report assessing the merits of open banking for Canada, with a strong focus on protecting consumer privacy, ensuring the security of financial transactions and maintaining the stability of the financial sector. The Committee will consider implementation opportunities and challenges later in the year.
Interested individuals and organizations are invited to review the consultation paper at the link below and submit their views by February 11, 2019, via email to fin.OBBO.fin@canada.ca or to:
The Advisory Committee to the Open Banking Review/Financial Institutions Division
The Financial Sector Policy Branch
Department of Finance Canada
90 Elgin Street
Ottawa, Ontario, K1A 0G5
Source : Government of Canada