The Bank of Canada this month unveiled the initial selection of registered payment service providers.
These service providers—300 so far and counting—will gain access to key financial infrastructure such as real-time payment rails for simpler money transfers through Payments Canada via an open banking framework when it finally launches. [Read more…] about Open Banking in Canada is Closer Than Ever as Retail Payments Act Advances
Half of Canada’s major banking institutions provide features that use “screen scraping,” a widely scrutinized practice, a new report has found. [Read more…] about Prevalent ‘Screen Scraping’ in Canadian Fintech a Symptom of Open Banking Void
On April 16, the Canadian government made a long-awaited announcement regarding Canada’s Open Banking implementation. [Read more…] about How Fintechs Can Get Started on Their Open Banking Journey
Federal politicians have been speaking on the record about open banking since 2018.
Since then, we’ve endured a global pandemic, among other major events.
What hasn’t happened in that timeframe, however, is meaningful progress toward open banking in Canada. [Read more…] about Federal Government Continues Crawl Toward Open Banking Framework
Money has built society. As a technology for holding and exchanging value, money has evolved over millennia and is therefore fit-for-purpose. Money is the universal incentive-mechanism that holds society together like glue. But money is changing rapidly as the 21st century takes shape. [Read more…] about The Future of Money Explores the Impact of Open Banking and Emerging Technologies
Next month, Canada unveils its budget for 2024.
The federal government’s annual economic blueprint is expected to include a long-anticipated framework for open banking. [Read more…] about Canada to Finally Reveal Open Banking Legislation in Upcoming Federal Budget
Canadians continue to be either unaware of, or confused by, the concept of open banking.
As Canada’s government continues to lag behind the US, UK, and other regions on adopting open banking, private companies have been doing what they can to push the protocol forward. [Read more…] about Canadians Still Unfamiliar with Open Banking in 2024 Amid Limited Progress
A Canadian company merging open banking and instant payments through an all-in-one gateway has raised a round of capital from a US investor as it eyes expansion south of the border. [Read more…] about Zūm Rails Raises $10M to Facilitate Open Banking Across North America
Payments modernization and open banking are gamechangers for Canada’s financial sector. The announcements made in the 2023 Fall Economic Statement are a testament to the ever changing fintech ecosystem and the need for increased competition to ensure consumers can continue to make the right choices for themselves when selecting a financial services provider. [Read more…] about Canada’s Financial Shift: Wise’s Take on Payments Modernization and Open Banking
BC-based financial services provider Central 1 announced this week that it has established a strategic partnership with Canadian financial technology firm Flinks. [Read more…] about Flinks to Provide Open Banking Fintech for Credit Union in Canada
