A look at what open banking could mean for Canadians and their banking system, including new opportunities and cybersecurity needs.
Big changes could be coming to Canada 's banking system , creating new opportunities for Canadians to control and streamline how they manage their money, but also giving rise to new cybersecurity needs. Here's a look at what open banking , a set of financial policies adopted abroad and proposed for as soon as next year by the Canadian government, could mean for your pocket book.
, open banking allows individuals and organizations to securely transfer their financial data to approved third parties, typically service providers such as financial advice and budgeting applications. Branded by the federal Liberals as "consumer-driven banking," the planned system is designed to clear barriers for Canadians to access and use their banking data, while also providing safeguards against financial crime.Under existing systems, users of some financial services need to share their banking credentials, such as usernames and passwords, with financial technologies companies, sometimes called "screen scrapin
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