Bazar Money Transfer的动态

It looks as though open banking is finally coming to Canada...? ...but why has it taken so long??? In short, open banking allows consumers to seamlessly and securely share their personal and financial information between approved banks and companies.?? It promises simplicity for consumers, making it easier to switch banks, visualize spending and embrace new financial products and services.?? It also helps to level the playing field between legacy banks and innovative new fintech firms, enabling companies to share data freely and increasing competition to encourage all companies to better respond to customer needs.?? “All fintechs want is to be able to compete on a level playing field, where consumers vote with their dollars. The consumer’s right to choose, enforced by the government, will give them that”, said Alex Vronces - executive director of Fintechs Canada.? The open banking concept has been on the government’s radar since 2018, but last month’s budget finally set out some tangible steps to making it a reality - with $1 million allocated to the Financial Consumer Agency of Canada by 2025 and $4.1 million for the Ministry of Finance over the next three years.?? While this is great news – especially for smaller fintech firms who have long been stuck in the shadows of traditional banks – it has also brought fresh criticism. Why has it taken the government so long to act? And will these new changes come quickly enough to support innovation and competition in the here and now?? Whenever it happens, Canada will be one of the last G7 countries to embrace open banking.?? Lynnette Purda, a professor of finance at the Smith School of Business at Queen’s University in Kingston, Ontario, believes its slow adoption is primarily due to perspective.? “There’s a definite movement from a perspective of this [open banking] being competition to co-operation and collaboration and partnership.”? https://lnkd.in/gGngqzdr What is your view? Is this announcement better late than never? Or too little, too late?? #Technology #Opportunities #ITManagement

It looks as though open banking is finally coming to Canada...? ...but why has it taken so long??? In short, open banking allows consumers to seamlessly and securely share their personal and financial information between approved banks and companies.?? It promises simplicity for consumers, making it easier to switch banks, visualize spending and embrace new financial products and services.?? It also helps to level the playing field between legacy banks and innovative new fintech firms, enabling companies to share data freely and increasing competition to encourage all companies to better respond to customer needs.?? “All fintechs want is to be able to compete on a level playing field, where consumers vote with their dollars. The consumer’s right to choose, enforced by the government, will give them that”, said Alex Vronces - executive director of Fintechs Canada.? The open banking concept has been on the government’s radar since 2018, but last month’s budget finally set out some tangible steps to making it a reality - with $1 million allocated to the Financial Consumer Agency of Canada by 2025 and $4.1 million for the Ministry of Finance over the next three years.?? While this is great news – especially for smaller fintech firms who have long been stuck in the shadows of traditional banks – it has also brought fresh criticism. Why has it taken the government so long to act? And will these new changes come quickly enough to support innovation and competition in the here and now?? Whenever it happens, Canada will be one of the last G7 countries to embrace open banking.?? Lynnette Purda, a professor of finance at the Smith School of Business at Queen’s University in Kingston, Ontario, believes its slow adoption is primarily due to perspective.? “There’s a definite movement from a perspective of this [open banking] being competition to co-operation and collaboration and partnership.”? https://lnkd.in/eAWqFznv What is your view? Is this announcement better late than never? Or too little, too late?? #Technology #Opportunities #ITManagement

It looks as though open banking is finally coming to Canada...? ...but why has it taken so long??? In short, open banking allows consumers to seamlessly and securely share their personal and financial information between approved banks and companies.?? It promises simplicity for consumers, making it easier to switch banks, visualize spending and embrace new financial products and services.?? It also helps to level the playing field between legacy banks and innovative new fintech firms, enabling companies to share data freely and increasing competition to encourage all companies to better respond to customer needs.?? “All fintechs want is to be able to compete on a level playing field, where consumers vote with their dollars. The consumer’s right to choose, enforced by the government, will give them that”, said Alex Vronces - executive director of Fintechs Canada.? The open banking concept has been on the government’s radar since 2018, but last month’s budget finally set out some tangible steps to making it a reality - with $1 million allocated to the Financial Consumer Agency of Canada by 2025 and $4.1 million for the Ministry of Finance over the next three years.?? While this is great news – especially for smaller fintech firms who have long been stuck in the shadows of traditional banks – it has also brought fresh criticism. Why has it taken the government so long to act? And will these new changes come quickly enough to support innovation and competition in the here and now?? Whenever it happens, Canada will be one of the last G7 countries to embrace open banking.?? Lynnette Purda, a professor of finance at the Smith School of Business at Queen’s University in Kingston, Ontario, believes its slow adoption is primarily due to perspective.? “There’s a definite movement from a perspective of this [open banking] being competition to co-operation and collaboration and partnership.”? https://lnkd.in/gsabiZ3P What is your view? Is this announcement better late than never? Or too little, too late?? #Technology #Opportunities #ITManagement

It looks as though open banking is finally coming to Canada...? ...but why has it taken so long??? In short, open banking allows consumers to seamlessly and securely share their personal and financial information between approved banks and companies.?? It promises simplicity for consumers, making it easier to switch banks, visualize spending and embrace new financial products and services.?? It also helps to level the playing field between legacy banks and innovative new fintech firms, enabling companies to share data freely and increasing competition to encourage all companies to better respond to customer needs.?? “All fintechs want is to be able to compete on a level playing field, where consumers vote with their dollars. The consumer’s right to choose, enforced by the government, will give them that”, said Alex Vronces - executive director of Fintechs Canada.? The open banking concept has been on the government’s radar since 2018, but last month’s budget finally set out some tangible steps to making it a reality - with $1 million allocated to the Financial Consumer Agency of Canada by 2025 and $4.1 million for the Ministry of Finance over the next three years.?? While this is great news – especially for smaller fintech firms who have long been stuck in the shadows of traditional banks – it has also brought fresh criticism. Why has it taken the government so long to act? And will these new changes come quickly enough to support innovation and competition in the here and now?? Whenever it happens, Canada will be one of the last G7 countries to embrace open banking.?? Lynnette Purda, a professor of finance at the Smith School of Business at Queen’s University in Kingston, Ontario, believes its slow adoption is primarily due to perspective.? “There’s a definite movement from a perspective of this [open banking] being competition to co-operation and collaboration and partnership.”? https://lnkd.in/eqNGnwM7 What is your view? Is this announcement better late than never? Or too little, too late?? #Technology #Opportunities #ITManagement

It looks as though open banking is finally coming to Canada...? ...but why has it taken so long??? In short, open banking allows consumers to seamlessly and securely share their personal and financial information between approved banks and companies.?? It promises simplicity for consumers, making it easier to switch banks, visualize spending and embrace new financial products and services.?? It also helps to level the playing field between legacy banks and innovative new fintech firms, enabling companies to share data freely and increasing competition to encourage all companies to better respond to customer needs.?? “All fintechs want is to be able to compete on a level playing field, where consumers vote with their dollars. The consumer’s right to choose, enforced by the government, will give them that”, said Alex Vronces - executive director of Fintechs Canada.? The open banking concept has been on the government’s radar since 2018, but last month’s budget finally set out some tangible steps to making it a reality - with $1 million allocated to the Financial Consumer Agency of Canada by 2025 and $4.1 million for the Ministry of Finance over the next three years.?? While this is great news – especially for smaller fintech firms who have long been stuck in the shadows of traditional banks – it has also brought fresh criticism. Why has it taken the government so long to act? And will these new changes come quickly enough to support innovation and competition in the here and now?? Whenever it happens, Canada will be one of the last G7 countries to embrace open banking.?? Lynnette Purda, a professor of finance at the Smith School of Business at Queen’s University in Kingston, Ontario, believes its slow adoption is primarily due to perspective.? “There’s a definite movement from a perspective of this [open banking] being competition to co-operation and collaboration and partnership.”? https://lnkd.in/gJtMbaNt What is your view? Is this announcement better late than never? Or too little, too late?? #Technology #Opportunities #ITManagement

It looks as though open banking is finally coming to Canada...? ...but why has it taken so long??? In short, open banking allows consumers to seamlessly and securely share their personal and financial information between approved banks and companies.?? It promises simplicity for consumers, making it easier to switch banks, visualize spending and embrace new financial products and services.?? It also helps to level the playing field between legacy banks and innovative new fintech firms, enabling companies to share data freely and increasing competition to encourage all companies to better respond to customer needs.?? “All fintechs want is to be able to compete on a level playing field, where consumers vote with their dollars. The consumer’s right to choose, enforced by the government, will give them that”, said Alex Vronces - executive director of Fintechs Canada.? The open banking concept has been on the government’s radar since 2018, but last month’s budget finally set out some tangible steps to making it a reality - with $1 million allocated to the Financial Consumer Agency of Canada by 2025 and $4.1 million for the Ministry of Finance over the next three years.?? While this is great news – especially for smaller fintech firms who have long been stuck in the shadows of traditional banks – it has also brought fresh criticism. Why has it taken the government so long to act? And will these new changes come quickly enough to support innovation and competition in the here and now?? Whenever it happens, Canada will be one of the last G7 countries to embrace open banking.?? Lynnette Purda, a professor of finance at the Smith School of Business at Queen’s University in Kingston, Ontario, believes its slow adoption is primarily due to perspective.? “There’s a definite movement from a perspective of this [open banking] being competition to co-operation and collaboration and partnership.”? https://lnkd.in/g8XXpYte What is your view? Is this announcement better late than never? Or too little, too late?? #Technology #Opportunities #ITManagement

Borrowell CEO Andrew Graham recently wrote a strongly worded?Linkedin post?about open banking in Canada, reacting to an industry mouthpiece who wrote?an op-ed in the The Globe and Mail against open banking?following the?unveiling of the open banking rules in the US?: “This week is Halloween. ?? Maybe that's why we have a Globe op-ed digging up a zombie idea: that somehow open banking may lead to bank failures. Scary!” The Globe’s op-ed was penned by historian John Turley-Ewart PhD, MBA (Hons.), who is transparent about the fact that RBC, one of Canada’s largest banks, is a client. Strangely, the unique argument against open banking in his piece is that there have not been any bank failures in Canada since 1985. Andrew Graham, who launched Canada’s first credit monitoring app?Borrowell, has been a vocal advocate of open banking in Canada since launching a credit improvement product that relies on bank connections to report rent payments to credit bureaus. In a previous interview, he?reported?that the connection failure rate (using an account aggregation provider) was 75% and that open banking was necessary to ensure that Canadian fintechs remain competitive. While Canadian politicians have announced multiple times the implementation of open banking in the country, the rules have yet to be published and Andrew Graham is far?from the only fintech CEO in Canada getting impatient. Last April,?open banking was renamed “consumer-driven banking”?in the federal budget, and it was announced that the Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada would oversee its implementation. Yet, no timeline for implementation nor rules were unveiled. This story was initially published in this week’s issue of Global Fintech Insider. To read the other (hopefully) insightful fintech stories I've covered in it, click the link in the comments.

Canadian legal professionals and financial regulators should take note of the FinTech industry's perspective on the country's lagging open banking system, especially in light of macroeconomic stagnation in productivity and investment: https://lnkd.in/ggWwV9Nj Especially since the US Consumer Financial Protection Bureau (CFPB) finalized its data-sharing rules last month, Canada finds itself in an ever-shrinking group of developed economies without an established open banking system. Even though the skeleton of the system was codified with the Consumer-Driven Banking Act over the summer, the Financial Consumer Agency of Canada's (FCAC) timeline suggests implementation will take until at least 2026. There are several reasons for these delays, falling into two main categories: 1) a lack of political will and 2) aversion to the potential risks of disrupting the banking sector. The first category largely hinges upon public awareness and persuasion. In Brazil, where open banking was touted as part of a larger approach to deal with significant, systematic inefficiencies in banking, a regulatory system was set up in under two years. The latter category, however, is largely an empirical matter. A core contingent in Canadian policymaking seeks to strongly protect the banking sector's stability. There is a worry that open banking could represent a stability-compromising industry disruption. This commitment to stability is fair in some measure but, surely, these kinds of assessments should be empirically justified. Admittedly, the body of literature on the impacts of open banking is nascent and we should pay due respect to that fact. Nevertheless, we have not yet seen any signs of notable destabilization caused by open banking in other parts of the world. Meanwhile, we do have growing evidence for the positive impacts of open banking on competition, costs to consumers, SME efficiency, etc. The question then becomes: are our open banking delays motivated by attempting to avoid a possible, but illusory risk at the price of a substantial and concrete opportunity cost? Psychologically and administratively, it is far easier to react to realized, tangible harms via reactionary government action than to proactively mitigate opportunity costs. However, the actual long-run impact of losing the competitive edge in a fast-growing, globally interconnected industry like FinTech could be comparable in magnitude to, for example, tangible banking sector and housing market failures. It is probably too early to foresee the long-term impacts of open banking with certainty. Existing data suggests mixed impacts on consumer credit markets; and new empirical research should be respected. But we should realize that regulatory delays likely come with very real costs to our future economic potential. See my profile for a comparative research project I conducted with Professor Christopher Nicholls over the summer on open banking.

The article talks about the fintech-driven idea of open banking and how it might be implemented in Canada. By facilitating bank transfers and improving budget management, open banking enables users to share their financial information with other apps. The existing data exchange technique, known as "screen scraping," however, has security issues. A regulatory framework for open banking seeks to overcome these problems. Although it has benefits like better loan conditions and AI-assisted financial tools, it also has drawbacks including potential biases favouring high-net-worth individuals and against security-conscious customers. This article also discusses Canada's main banks' reluctance to implement open banking due to possible losses, as well as the UK's mixed results with it.

?? Exciting Open Banking Update in the U.S. The U.S. has taken a major step forward with the recent release of its open banking rules. The U.S. Consumer Financial Protection Bureau is setting the stage for greater consumer control over financial data, aiming to phase-in requirements. Phase 1 will allow large institutions to provide data via standardized APIs by April 1st, 2026. This landmark shift encourages secure API use over screen scraping, limits fees for data access, and empowers consumers to revoke data access on demand. We continue to advocate for open banking in Canada, with anticipated developments in open banking legislation in the fall economic statement. Please stay connected with us at OFNC as we continue encouraging and bringing the industry together to discuss the future of open financial services in Canada. For more information: https://lnkd.in/g4YzJ7dG #OpenBanking #Fintech #DataEmpowerment #FinancialInnovation #Canada Michelle Beyo Tara Wilson, CDI.D Roy Kao Eyal Sivan Karen Budahazy Carlos Beltran Daniel Kornitzer Bhupinder Singh