Department of Finance Canada Launches Consultations on Open Banking

On January 11th, 2019, Department of Finance Canada launched consultations on Open Banking. Here is an excerpt from the Department of Finance Canada website:

“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.”

Here is the link to the announcement on Department of Finance Canada’s website, and here is the link to the consultation paper.

The closing date for consultation submissions is February 11th, 2019.

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