The Canadian Department of Finance has released a consultation paper to consider the merits of open banking.

This follows the appointment of the Advisory Committee on Open Banking in September 2018.

The consultation is specifically asking:

• Would open banking provide meaningful benefits to and improve outcomes for Canadians?
• In order for Canadians to feel confident in an open banking system, how should risks related to consumer protection, privacy, cyber security and financial stability be managed?
• If you are of the view that Canada should move forward with implementing an open banking system, what role and steps are appropriate for the federal government to take in the implementation of open banking?

Upon conclusion of the consultation, the advisory committee will deliver a report assessing the merits of open banking for Canada, with a strong focus on protecting consumer privacy, ensuring the security of financial transactions and maintaining the stability of the financial sector.

The committee will then consider implementation opportunities and challenges later in the year.

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