Major Canadian banks join up to protect open banking data

Digital transformation and open banking are unstoppable forces, but Canadian consumers have shown concern about how their financial data is managed.

The financial services industry is addressing this trust issue by working together on standards designed to protect consumers’ information while providing an infrastructure to allow greater flexibility.

Joining RBC, CIBC, National Bank, TD Bank Group, and BMO, are other major names in Canadian financial services including Desjardins, Tangerine Bank, Simplii Financial, Equitable Bank, and Interac.

The FDX API (computer connection interface) is already established in the US where more than 100 firms have adopted it and rolled it out to more than 12 million customers.

FDX’s work and operations are based on five core principles: Control, Access, Transparency, Traceability and Security.