A Canadian business solutions provider recently announced a new suite of open banking services.
Toronto-based Symcor says its latest launch of open banking services builds on a “proven history of providing utility-based solutions for some of the country’s largest organizations.”
As Open Banking gains momentum, “the necessity for a hybrid, ‘made-in-Canada’ solution has been identified as an essential factor for long term sustainable success,” the company believes.
The new open banking service, called Cor.Connect, provides “unique benefits,” according to a statement from Symcor. Through secure application programming interfaces and a “sturdy consent platform and trust framework,” Cor.Connect enables Canadian financial institutions, credit unions, aggregators, and fintechs to exchange data safely and efficiently.
“Over the past few years, Symcor has been working actively with stakeholders across the industry to design and launch a comprehensive ‘made-in-Canada’ Open Banking solution,” explained Saba Shariff in December.
Symcor’s head of new product development and corporate strategy says Cor.Connect will “enable all industry stakeholders to realize the full potential of Open Banking at pace.”
The open banking solution offers a “comprehensive range of support for both data providers and data recipients, including essential features such as onboarding assistance, a rich consent management platform, and third-party monitoring and oversight.”
“Supporting the growth of Canada’s Open Banking future is a natural fit for Symcor,” stated CEO Chameli Naraine. “Our extensive 26-year history has been focused on creating trusted, utility-based solutions that solve industry-wide needs.”
Without the encumbrances of constructing individual contract agreements and managing providers at different stages of what Symcor dubs “open banking readiness,” data recipients can remain focused on delivering innovative services to their customers, the company says.
Developed in collaboration with Microsoft, Cor.Connect leverages Azure’s cloud platform capabilities, ensuring scalability. Meanwhile, Cloudentity’s authorization solution powers security and identity controls.
With a combination of agility and proven security protocols, Cor.Connect provides the optimal balance to “accelerate and propel Open Banking readiness and adoption within Canada,” according to Symcor.