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- The government says framework legislation for an open-banking system is expected in Budget 2024, which itself is set to be released on April 16. The Department of Finance in a policy statement last year wrote that legislation could be adopted, with the "necessary government framework," by 2025.
www.ctvnews.ca/business/open-banking-could-be-coming-to-canada-here-s-what-you-need-to-know-1.6803487
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Today, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, announced that the government is taking the next step towards establishing Canada’s open banking system with the selection of Abraham Tachjian as the open banking lead.
March 22, 2022 - Ottawa, Ontario - Department of Finance Canada
Today, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, announced that the government is taking the next step towards establishing Canada’s open banking system with the selection of Abraham Tachjian as the open banking lead. Biographical information is linked below.
The establishment of an open banking system aims to give Canadians and businesses greater control over their financial data and be better equipped to manage their finances. Open banking, or consumer-directed finance, is a system that would enable consumers to transfer their financial data between financial institutions and accredited third parties in a secure and consumer-friendly way. It will improve Canadians’ user experiences and financial outcomes by providing access to an expanding variety of financial services, such as budgeting and savings tools. It will also benefit small businesses by helping to streamline operations and by providing faster access to credit.
Mr. Tachjian’s mandate is to develop a “made-in-Canada” regime based on the recommendations in the final report of the Advisory Committee on Open Banking. He will engage with industry, regulators, and consumer representatives to design and implement key pillars of the open banking system, including common rules and an accreditation framework for open banking participants.
Mr. Tachjian has extensive experience related to open banking in Canada and internationally. He will bring a comprehensive approach to the development of an open banking system in Canada that addresses the banking, technology, and legal aspects together.
“Canadians deserve a secure open banking system that is regulated, efficient, and protects their personal information. This is an important next step in the process of implementing the Advisory Committee’s recommendations, in order to convene stakeholders to design and implement the foundational elements of an open banking system that benefits both Canadians and businesses. I wish to congratulate Mr. Tachjian on his new role.”
- The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance
•Open banking enables consumers and small businesses to share their financial data with a broader range of financial service providers through secure online channels, in order to access new, innovative, consumer-centric financial services.
In 2018, in response to the growth of financial technology services and as part of efforts to strengthen and modernize the financial services sector, an Advisory Committee on Open Banking was tasked by the government to conduct a review into the merits of open banking.
On August 4, 2021, the final report of the Advisory Committee on Open Banking was released. It provides recommendations on how to modernize the Canadian financial services sector and implement a secure open banking system that gives Canadian consumers the confidence and convenience they are looking for in today’s economy.
Key responsibilities for the open banking lead:
•The open banking lead will engage stakeholders to develop an accreditation framework, a common set of rules, and technical standards for an open banking system.
•The lead will also provide advice to the government for the future ongoing administration of a system of open banking.
Marie-Pier Baril
Press Secretary
Office of the Minister of Tourism and Associate Minister of Finance
Marie-Pier.Baril@ised-isde.gc.ca
Media Relations
Department of Finance Canada
- Department of Finance Canada
Mar 29, 2024 · ‘Open banking’ may soon be in Canada. Here’s what it means — and how it would save you money. Ottawa expected to introduce consumer-driven banking in federal budget which would open door...
Apr 19, 2022 · One of the major catalysts for change is open banking. The concept is straightforward: to allow clients to securely share their financial information with financial services providers.
Apr 29, 2024 · Federal efforts to bring "open banking" to Canada are being welcomed by players in the industry — but there's also criticism that, after years of waiting, any changes may not come fast...
Jan 30, 2024 · When open banking rolls out in Canada, its immediate benefits will be mostly invisible, like a security update on your smartphone.
Jul 5, 2022 · The open banking lead and the secretariat will now transition their focus to a period of internal policy work. Working group meetings will resume in 2023. Open banking lead. On March 22, 2022, the Hon. Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, named Abraham Tachjian as Canada’s open banking lead.
