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FinTech startups frustrated with glacial pace of Canada’s open banking consultations
Sue Britton was feeling “super optimistic” when the Advisory Committee on Open Banking sent out a package for phase-two consultation participants with an outline of the workshops it wanted to hold and its recommendations for an eventual framework.
“It was very exciting to see such a focus on both the consumer and the small business and innovation,” she said. “To see the purpose was to not only protect the consumers but give them access to innovative products in a safe way, I thought that was super exciting.”
Roughly four months and one federal budget later, there’s a big asterisk to her optimism.
Why open banking regulations and security matter to credit unions
2SHARES
Account holder digital expectations are often being driven by innovative fintechs and credit unions have turned to open banking as an effective way to meet this demand through partnerships with third-party providers (TPPs). Open banking relies on the use of application programming interfaces (APIs) to boost performance and reduce latency, and as with any digital data-sharing process, security and consumer privacy are of top concern.
The most recent F5 Labs research shows that the number of API security incidents is growing every year, and most API incidents during the last two years were related to a low level of security maturity, which is often caused by tool sprawl.
Dalmore Group Teams with Global Wine Marketplace Vinsent for Direct Reg CF Offering
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SKILLICORN Technologies announces the launch of their Los Fresnos Project Regulation CF Offering on the InfraShares crowdfunding platform.
This Regulation CF offering isseeking front-end financing for theLos Fresnos Project. For a minimum .
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FDX reports 16 million consumers using API, claims Canada, US lead in open banking adoption
The Financial Data Exchange (FDX), an organization that aims to bring the financial industry under a common standard for financial data access, has claimed Canada and the United States are “global leaders” in open banking adoption.
FDX, which only operates in the United States and Canada, recently reported 16 million consumers in Canada and the United States are using its FDX API for open banking and open finance data sharing.
“The common narrative that the US and Canada are somehow behind on open banking is just wrong.”