Canada Open Banking Open Finance UK

UK Call for Input: Open finance (Canadian Senator Colin Deacon’s post on Linked-In)

Britain’s FCA has just issued a Call for Input. The purpose is to continue to examine the risks and opportunities associated with hashtag#OpenBanking, and move the discussion to hashtag#OpenFinance: “Open banking is the first data sharing and data access initiative of this scale to be underpinned by legislation requiring industry institutions to provide access to other providers. We expect it to take several years to see the full extent of market entry and innovation. But we are seeing promising levels of interest in open banking from technology firms, incumbents and innovators in and outside the UK. We want to know if there is more we can do. We are also interested to understand what this can teach us for the future development of open finance.” We need to step up our pace in Canada. The world is accelerating.

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