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FinTech leaders applauded the open banking update in Tuesday’s federal budget, but said there are still unanswered questions about the system and when it will launch.
Javier Ghersi/Getty Images(NEW YORK) -- When the Federal Reserve recently signaled interest rate cuts next year, the stock market soared to record highs and analysts voiced sunny hopes of a "soft landing." Arriving less than a year before the presidential contest, the announcement raised a separate consideration: What the rate cuts could mean for President Joe Biden's reelection bid. Analysts who spoke to ABC News said research shows that a strong economy benefits an incumbent presidential candidate, since voters factor their financial well being into an assessment of the leader's jo...
Leaders across Canada's payments industry continue to demonstrate unified support for amendments to the Canadian Payments Act to expand Payments Canada's membership. This support was previously expressed through various pre-budget consultation submissions, a joint letter to the Minister of Finance and a 2018 Department of Finance consultation.
It would be a mistake for regulators in the U.S. and Canada to delay the rollout of rules supporting open banking. Fears of bank runs as a result of customer access to their own financial data are overblown.
Canadian FinTech CEO Andrew Graham is tired of waiting for open banking to become a reality in Canada. He’s not alone.