As an organization at the heart of Canada’s thriving payments ecosystem, Payments Canada is working to modernize our national payments system to provide a platform that helps drive innovation and provides Canadians with convenient, safe, and efficient payment options. This includes examining trends shaping the payments landscape around the world, such as open banking.
In January 2019, the Department of Finance published a consultation paper, entitled A Review into the Merits of Open Banking outlining the opportunities that open banking presents for Canadians, but also the risks and complexities that need to be considered.
Payments Canada responded to this consultation detailing ways in which the Department could create a strong and safe base for the private sector to compete and innovate for the benefit of all Canadians, and maintain our global competitiveness in financial services.
Payments Canada is pleased to be a part of the Department of Finance’s exploration into open banking, and we look forward to helping shape a regulatory environment that will continue to position Canada as an international leader.