Canada puts security at top of open banking review

Canada puts security at top of open banking review

Canada's government is pushing ahead with a second phase of its open banking review, focusing on security issues surrounding the sharing of financial data with third parties.

The Department of Finance Canada set up an Advisory Committee on Open Banking in 2018 to investigate whether the country should follow the UK in making it easier for people to let third party financial services providers access their banking data.

A year ago a consultation paper was published and individuals and organisations were invited to offer their opinions on whether open banking would provide meaningful benefits, how risks related to consumer protection, privacy and security should be managed, and what role government should play in any implementation.

Now, the first phase of the review has been completed, concluding that data-driven services can help people budget, access more affordable financial services and become better equipped to manage their money.

With many Canadians already sharing their data with third parties, the government wants to focus on security. From the spring, stakeholders will be brought in to offer advice on standards to enhance data protection, examining issues such as governance, consumer control of personal data, privacy, and security.

Comments: (2)

Duane Tough
Duane Tough - PBATM - ny 03 February, 2020, 14:04Be the first to give this comment the thumbs up 0 likes

Being in the Canadian payments space....this is taking for ever !!! WHY?  99% of COnsumer Data in Canada in payments is with Domestic FI's --- hmmm -- no need for competition is there :-) (Tongue in cheek)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 04 February, 2020, 14:441 like 1 like

LOL it's easier to just hand over username and password of online banking accounts to the Mints and the Plaids of the world instead of waiting for Open Banking apps to see the light of the day!

THE STATE OF DIGITAL BANKING, 2019 - Landscape: The Digital Banking Strategy Playbook

Trending Stories