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.
Open Banking is unstoppable and is being discussed in almost every corner of the world – be it to increase competition, reduce cost, foster innovation or financial inclusion. In Open Banking, banks are opening up customer financial data and banking services to Third Party Providers (TPP) via Application Programming Interfaces (APIs). For sure not every […]
Adam Felesky is CEO of Portag3 Ventures. Andrew Moor is president and CEO of EQ Bank. Canada is often said to be facing an infrastructure deficit, having failed to adequately invest in transit, roads and water systems. But the country is also encountering a financial services infrastructure deficit. That is to say we lack the […]
Open banking is one European import Americans have been reluctant to buy. American banking remains resolutely closed. That may soon change.Way back in 2017, when open banking was a hot topic with regulatory deadlines looming for European banks, American banks briefly wondered if this was worth importing. The decision was a clear “No thanks, closed banking is our thing”. […]