Minister Morneau Launches Advisory Committee on Open Banking

Department of Finance - Ottawa | Sep 26, 2018

Open banking committee department of finance - Minister Morneau Launches Advisory Committee on Open BankingThe Government of Canada is committed to supporting a financial sector that promotes competition and consumer choice while continuing to deliver financial stability and economic growth.

In keeping with this commitment, Minister of Finance Bill Morneau today launched the Advisory Committee on Open Banking, and announced the appointment of its four members: Colleen Johnston, François Lafortune, Kirsten Thompson and Ilse Treurnicht. Biographical notes of the members can be found below. With their respective experience in the areas of financial services, financial technology and privacy, the Advisory Committee members will bring a broad range of perspectives and expertise to the review on open banking.

Establishing the Advisory Committee is the first step in a Government of Canada review of the potential merits of open banking, as announced in Budget 2018. A consultation paper will be released later this year to help guide the Advisory Committee's engagement with Canadians. Following consultations, the Committee will deliver a report assessing the potential merits of open banking for Canada, with the highest regard for consumer privacy, security and financial stability.

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Open banking has the potential to offer a new, secure way for Canadian consumers—including small businesses—to share their financial transaction data with financial service providers, allowing them to benefit from a broader range of financial products and services. It is also expected that by giving financial technology companies (fintechs) and other financial service providers increased access to consumer financial transaction data, they will be able to develop products more tailored to consumer needs and preferences—helping to boost the level of competition in the financial sector.

Quote

"As technology continues to drive change in the financial sector, we must ensure that the needs of consumers—for more affordable and convenient services—are considered alongside the needs of the financial institutions that serve them. I congratulate the members of the Advisory Committee on their appointments, and look forward to the results of their consultations on open banking."

- Bill Morneau, Minister of Finance

Quick Facts

  • At its core, open banking is a framework aimed at increasing competition in the financial sector and fostering innovative, consumer-centric financial services, by allowing individual and business consumers to share their financial transaction data beyond their current financial institution.
  • Open banking is a system where:
    • Consumers can opt-in to securely share their financial transaction data with fintechs and other financial service providers, and have the ability to opt-out at any time.
    • Fintechs and other financial service providers, such as small and mid-sized banks, can use that data to develop competitive, innovative and consumer-centric products and services.
  • For consumers and small businesses, open banking can help them better understand and manage their finances. This could include applications that compare financial products, the ability to change accounts more easily, and financial services that are customized to individual needs.

Source:  Original release

 

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