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Open Banking in Canada is Closer Than Ever as Retail Payments Act Advances

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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

Bank for International Settlements and Bank of Canada launch BIS Toronto Innovation Centre

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The Bank for International Settlements (BIS) and the Bank of Canada today launched the Toronto Innovation Centre, the first such centre to be established in the Americas and the seventh to be opened by the BIS in collaboration with partner central banks around the world.

The centre will explore the development of new technologies to make the financial system more efficient and inclusive, both in Canada and throughout Latin America and the Caribbean.

“Fostering innovation has never been more crucial; that’s as true for central bankers as it is for business leaders. As the financial sector continues to evolve, we need to innovate in different areas and apply skills that aren’t traditionally associated with central banking. By doing so, Canadians can share in the benefits of innovation. That’s why this hub and our partnership with the BIS are so important,” commented Tiff Macklem, Governor of the Bank of Canada.

The Toronto Innovation Centre will be headed by Miguel Diaz and will initially focus on projects to explore next-generation financial market infrastructures, innovation for regulatory, supervisory and oversight purposes (suptech) and open finance.

These are three of the BIS’s six priority themes for its Innovation Hub. Others are cyber security, green finance and central bank digital currencies, and are the focus of other Hub centres.