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OFNC Releases White Paper

Unveiling the Potential: The Benefits of Consumer-Driven Finance for Small Businesses in Canada

June 27th, 2024

The Open Finance Network of Canada (OFNC) is proud to unveil the potential of open finance at a crucial moment for Canada as it transitions towards a consumer-driven banking framework. With the royal assent of Bill C-69 on June 20, 2024, the foundational elements of this framework are now codified into law, marking a significant milestone in the modernization of the Canadian banking system. This bill is expected to bring substantial benefits to Canadian consumers and small to medium-sized business owners. Although further work is needed to expand this legislative framework and make consumer-driven banking accessible to all Canadians, it lays the groundwork for an ecosystem where data flows seamlessly and securely with consent, empowering consumers and driving future innovations in the Canadian financial services sector. The whitepaper from OFNC summarizes numerous impactful insights, emphasizing the importance of a clear roadmap focused on access for SMEs in Canada.

The OFNC collaborated with many contributors to create this white paper that is both informative and actionable for small businesses aiming to succeed in a consumer-driven financial landscape. The contributions have been invaluable, providing expertise, insights, and access to critical data. Significant acknowledgments go to the OFNC Board, Advisory Members, Volunteers, and Members, including Peoples Group, WealthSimple, League Data, OzoneAPI, SecureAuth, BeWorks, and Matera. Additionally, industry players such as the Canadian Federation of Independent Business (CFIB), Open Banking Expo, and XERO have contributed resources that greatly enriched this paper.

As the financial sector continues to evolve, open finance is set to revolutionize the industry by offering more personalized and efficient services, fostering innovation, and enhancing competition. Download this whitepaper to explore how OFNC provides a comprehensive analysis of the current state and future prospects of open finance, with a particular focus on its impact on small businesses.

For further information about OBIC please contact:

Michelle Beyo, OFNC President & CEO of FINAVATOR



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