Merits of Open Banking In Canada (Round 2)
Updated: Feb 16, 2022
In the midst of the economic crisis created by the COVID-19 pandemic, Canada’s Department of Finance understandably put a pause on its inquiries into open banking. Perhaps as a result of how open banking could play a leading role in our country’s economic recovery, Finance Minister Bill Morneau has signaled a move forward. He recently awarded PwC Canada a contract to conduct the second round of consultations into the merits of open banking.
Despite the delay, this is great news for the Canadian financial industry. Under its contract with the Minister of Finance, PwC will:
determine how to structure and execute detailed consultations
host and facilitate industry consultations
develop supporting documents (backgrounders, discussion questions, etc.) with support from the Department of Finance
provide general research support and advice to the Committee on Open Banking
The total value of the contract is $259,000, but the long-term value of this crucial step could have immeasurable economic benefits for Canada both domestically and on the international stage.
OBIC’s intention is to participate in these consultations, representing the needs of the consumer that can be met by FinTechs and financial institutions. DDETaking part in these consultations will ensure that OBIC’s technology partnership strategy aligns with the overall spirit of the recommendations which come from the consultations.
The tender notice can be viewed here: