Canada is aiming to implement an open banking regime in the country by 2023.
In Brief:
A final report has been released by the country’s Open Banking advisory committee.
It has conducted a three-year investigation into whether Canada should follow the UK’s example.
The report says that the scope of open banking must provide access to a range of useful, competitive and consumer-friendly services.
What does this mean?
As reported by Finextra, about four million Canadians are currently accessing “open banking-style services” but there is concern among the committee and government that this isn’t secure, regulated or efficient. By 2023, a roadmap is expected to be in place for the country.
