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Feds Promise Open Banking Laws in 2024 and to Broaden Access to Payments Canada

Open Banking | Nov 23, 2023

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In this weeks Fall Economic Statement the federal government announced plans to introduce open banking laws in 2024, and to expand Payments Canada membership eligibility.

See:  Bill C-365: Paving the Way for Open Banking in Canada?

Open Banking Legislation Coming 2024

  • The Canadian government has announced plans to introduce open banking legislation in Budget 2024.
  • Open Banking will enable consumers to securely share their financial data with trusted third-party providers, unlocking a new era of personalized financial services.
  • The legislation aims to enhance consumer control over financial data, promote competition, and foster the development of innovative financial solutions, marking a significant shift towards a more consumer-centric financial landscape in Canada.

Payments Canada to Expand Membership

  • Another key announcement affecting fintech is the expansion of Payments Canada eligibility. This change will allow companies beyond the traditional big banks to participate in Payments Canada who are leading the development of a new Real-Time Rail payment system, such as payment service providers supervised by the Bank of Canada and local credit unions.

See:  Insights Into Canada’s Evolving Payments Landscape

  • This expansion is expected to drive down transaction costs and accelerate the transition to faster, more secure payment systems, significantly enhancing the efficiency and inclusivity of Canada's financial infrastructure.

Believe It When You See It?

Checkout the statements for yourself:  See Section 2.1:  Making Life More Affordable

Together, these initiatives will reshape how Canadians interact with their finances, offering more choices, better services, and a stronger, more resilient financial system for the future.


NCFA Jan 2018 resize - Feds Promise Open Banking Laws in 2024 and to Broaden Access to Payments CanadaThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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