Open banking in Canada

In a Q&A style article, senior associate Marissa Daniels sat down with The Paypers to discuss the highly anticipated open banking framework in Canada and its evolution, implementation, benefits and more.

When asked about the current state of open banking in Canada, Marissa said:

“In Canada, there is not yet an open banking framework in place. Canadians are eagerly awaiting the launch of an open banking framework, but there is not yet a firm date for adoption. There is talk of a framework being introduced by the end of 2023.

Although there is no formal open banking framework in place, a study found that over four million Canadians already sharing their data with third-party financial services providers through screen scraping. This demonstrates some consumer readiness for an open banking framework.”

Read the full article here.

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