OBIC releases Open Banking Manifesto in Canada

With the mandate to convene all Canada-based financial services stakeholders to a common cause as well as to be the voice for all participants: consumers, small businesses, fintechs, banks, credit unions, and other financial institutions, OBIC's Manifesto does not see Open Banking as a zero-sum game. An Open Banking framework will enhance product development, security, and fraud prevention, and personalisation and customisation while maintaining the systemic stability and safety widely recognised as critical cornerstones of the Canada-based banking system - leading to benefits and opportunities for all stakeholder groups in the ecosystem.

The global progress towards Open Banking is moving quickly in other jurisdictions, including the UK, Australia, New Zealand, Brazil, Singapore, and Hong Kong. The US is also preparing to implement its own framework. The Manifesto highlights how Canada is at risk of falling behind these markets and decoupling from this international sector as a part of the integrated global financial system. Two years ago, the full Senate of Canada stated:

‘Canadian consumers need Open Banking regulations as soon as possible for three main reasons: to keep their personal financial information safe; to be provided more choice and improved financial products and services; and to help keep the Canada-based financial sector strong and internationally competitive.’ - Open Banking: What it means for you, June 2019 Standing Senate Committee on Banking, Trade, and Commerce Senate of Canada

These comments were shared in the report ‘Open Banking: What it Means for You’ from June 2019 by the Standing Senate Committee on Banking, Trade, and Commerce Senate of Canada, and to this day there is little to no progress made addressing these important issues, the official press release concludes.