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A Definition of Open Banking in Canada

Updated: Feb 16, 2022

At our recent roundtable working group at the 2019 Canadian Open Banking Expo in Toronto, experts in banking, FinTech, lending, regulatory, payments, education and finance came together to define the key players from the financial services industry.

Our work together also included synthesizing and amalgamating the work of the round table into a simple, inclusive statement of what Open Banking means to us as Canadians. The result of this collaboration led our group to the following statement:

Open Banking in Canada is …

an open and accessible industry of commerce where standards transparently govern an ecosystem of enriched financial data creating a foundation of trust and financial innovation that will evolve while strengthening the diverse fabric of our Canadian economy

If you’d like to learn more about OBIC or open banking in Canada or are interested in joining the conversation in future roundtables, workshops and webinars, we invite you to connect with us.

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