Gowling WLG FSxT’s Post

Exploring the Future with Open Banking Pt. 1 The financial landscape is undergoing a profound transformation, primarily fueled by the rise of open banking and regulatory shifts. This shows the pivotal role of FCRA approval in bridging lending gaps and enhancing financial services: • FCRA Approval: Compliance with the Fair Credit Reporting Act (FCRA) is crucial in open banking. Recent endorsements of FCRA-compliant entities, bolster confidence in the quality of data, enabling lenders to integrate open banking data into lending practices securely and confidently. • Addressing Lending Disparities: FCRA-endorsed open banking platforms help to alleviate disparities in lending by providing data beyond conventional credit scores. This promotes financial inclusion, offering access to affordable credit for historically overlooked segments like the underbanked and small businesses. • Paving the Way Forward: Integration of FCRA-backed open banking data into lending processes is poised to narrow lending gaps, foster financial inclusion, and drive economic progress. As the financial landscape evolves, embracing open banking requires balancing its potential, with addressing consumer concerns to ensure widespread adoption, allowing for economic expansion. #openbanking #financialinclusion #datautilization #regulatorycompliance Thanks to GDS Link for sharing this white paper that these findings are taken from.

JROC invites feedback on the Future Entity for UK open banking. The Joint Regulatory Oversight Committee (JROC) has published proposals for the future open banking entity (the Future Entity). This follows consultation with industry through the Future Entity Working Group, which presented its findings to JROC in December 2023. The Future Entity will create a structure that promotes further innovation and functionality along with consumer protection. The proposals ask firms to comment on the Future Entity’s recommended structure, governance and funding for both its interim and longer-term model. The co-chairs of JROC, PSR managing director, Chris Hemsley, and FCA executive director, consumers and competition, Sheldon Mills said:   "Open banking continues to be a great UK success story. JROC’s proposals for a future entity which delivers the next phase of open banking will enable the UK's world-leading financial and technology industries to further harness the opportunity that open banking presents.” JROC welcomes feedback on the questions outlined in the proposals and will finalise the recommendations in relation to those areas once responses have been considered. Stakeholders are invited to feed back by 20 May 2024. You can read the proposals and find out how to respond here: https://buff.ly/4b7RJSE #JROC #OpenBanking #Fintech

With the anticipated legislative framework for open banking coming on April 16th in Canada, here are some key takeaways: 𝗗𝗮𝘁𝗮 𝗦𝗵𝗮𝗿𝗶𝗻𝗴 𝗮𝗻𝗱 𝗔𝗰𝗰𝗲𝘀𝘀: Clear rules on how financial data can be shared, putting consumer consent at the heart of the process. 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗖𝗼𝗻𝘀𝗲𝗻𝘁: Explicit consent is a must before any data sharing, ensuring consumers have full control over their financial information. 𝗣𝗿𝗶𝘃𝗮𝗰𝘆 𝗮𝗻𝗱 𝗗𝗮𝘁𝗮 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻: Strengthened standards to protect the privacy and security of consumer data in this new banking era. 𝗔𝗰𝗰𝗿𝗲𝗱𝗶𝘁𝗮𝘁𝗶𝗼𝗻:  A robust framework to accredit third-party service providers, ensuring they meet stringent security and operational standards. 𝗟𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗥𝗶𝗴𝗵𝘁𝘀: Clear guidelines on liability and comprehensive consumer protections to maintain trust and integrity in the financial system. 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀: Ensuring interoperability and secure communication across platforms. 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗢𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁: Dedicated oversight to ensure compliance and address any issues in the open banking ecosystem. Apt-AVS is our open banking tool that's totally in line with the expected regulations. We're excited to lead the way in this new banking era, ready to enhance your financial experience. #OpenBanking #AptAVS #Canada

We're thrilled to share key findings from our collaborative survey with Blanc Labs on the future of Open Banking in Canada! 🔍 Highlighting the perspectives of our CLA leaders, this survey explores the industry's readiness and expectations for the Open Banking transition set to redefine Canadian finance. 🇨🇦 💡 Key Takeaways: - Over 90% of CLA Members agree that Consumer Driven Banking will enhance competition in the financial sector. - 97% of respondents highlighted the importance of Payments Modernization in realizing the positive impacts of Consumer Driven Banking, underscoring the need for simultaneous advancements in payments and Open Banking to maximize advantages for both consumers and the industry. - 87.5% of respondents believe Open Banking will be a game-changer for their core business offerings, enhancing customer experience and fueling growth strategies. - Technological readiness is high, with 68% prepared to advance with Open Banking implementations. This readiness includes the adoption of Open API Standards and building products and services that promote financial data portability. - Over 50% highlight the need for fair access to promote a level playing field and expand access to affordable and innovative financial services (beyond just banking, payment and transaction information), benefiting consumers and smaller competitors alike. The findings from the Blanc Labs x CLA survey illuminate the path forward for Canada’s financial sector, revealing a Canadian financial industry that is not only ready but eager to adopt Open Banking. Dive deeper into the survey insights and read the CLA's consultation response on Strengthening Competition In the Financial Sector here: https://lnkd.in/gxKTPC3m   #openbanking #federal #budget #innovation #fintech #consumers #inclusion Canadian Lenders Association

Even as we look forward to progress and prepare for consumer-driven banking in 2024 here in Canada, this piece serves as a necessary cautionary tale for the ecosystem to continue advancing our conversations and consider the critical next steps in continuing our push for transformation and innovation in financial services and the banking system - complacency can be very costly and the UK is beginning to feel the drag as other jurisdictions catch up to its previously vaunted lead #ConsumerDrivenBanking #OpenBanking #OpenFinance #BankingInnovation #DataEconomy #OpenData #DataInnovation Open Finance Network Canada Open Banking Expo https://lnkd.in/gVss49Xe

📣 Central 1 and Flinks announce their strategic partnership 📣 This partnership will see Flinks and Central 1 come together to accelerate and enable Open Banking opportunities in the Canadian credit union system. By partnering with Flinks, Central 1's affiliated credit unions and financial institutions will be able to use Flinks to immediately launch an Open Banking program while ensuring it meets future regulations. This solution also includes accessing and distributing Open Banking API connections to a network of hundreds of fintech and application partners, making it a win for everyone involved. Read all about the partnership here and see why Central 1 chose Flinks, Canada's Open Banking leader 👉 https://lnkd.in/grYWrqNg #openbanking #financialdata #partnerwithflinks

A big thumbs-up to the Joint Regulatory Oversight Committee (JROC) for their efforts in fostering open banking in the UK. Their recent update shows the valuable work they're doing across different areas: https://lnkd.in/eqsB-FpS What I'm really keen on is getting a clear picture of how all banks are performing in Open Banking. As a Third-Party Provider (TPP), we’re aware that there are a few banks that either aren’t working in certain areas or need improvement. Ideally, JROC and the reporting structures that we’re putting in place will highlight some of these to the committee. I’m hoping we can recognise where the responsibility lies as JROC aims to inform us on those cases and give us some real insights. It's crucial to make sure the non-CMA 9 mandated banks step up their game to boost efficiency and improve their services to comply with PSD2. Understanding who the stakeholders are is absolutely crucial to fixing any inefficiencies and helping banks perform better moving forward. If any banks out there need upgrades or enhancements in API exposure, reach out to me. I’d be happy to explore the options with you. #OpenBanking #Collaboration #Efficiency #Fintech #Finance #Innovation

Banks and credit unions, are you considering how to prepare for Open Banking in Canada? Now is the time to boost your Fintech Training in preparation for the coming changes. Don’t be left behind; point-to-point solutions and single purpose APIs will not meet the coming requirements. Customers and Members will expect and require more control over their financial data. Time to pivot and prepare before Open Banking regulations and market pressure arrive. FintechTraining.com, powered by Centerprise, is ready with technical training for banks, credit unions and fintechs. #fintech #fintechtraining #openbanking

🌐 On the Move Again: Open Banking Expo Canada 🌐 Hot on the heels of insightful discussions at the Payments Canada Summit, ebpSource is excited to keep the momentum going! Today, we're heading to the Open Banking Expo in Canada. This event promises to delve deep into the transformative potential of open banking, offering a platform to connect with pioneers and thought leaders in the sector. Join us as we explore how open banking is reshaping financial services, driving innovation, and enhancing consumer choice and security. We look forward to engaging with experts and peers alike to discuss the future of banking and payments in an increasingly digital world. 📅 Don't miss out on this opportunity to be at the forefront of the open banking revolution! 🔗 Learn more about the event: Open Banking Expo Canada #OpenBankingExpo #Fintech #DigitalBanking #Innovation #ebpSource

Some great news to share between Surviscor and MoneySense as I will be taking on the task of writing a consumer online banking experience review, expanding on our 10-year partnership of guiding self-direct investors through the maze of online brokerage experiences. The new analysis will compare digital experiences between big banks, credit unions, neo banks and others, covering off key areas of concern for Canadian consumer bankers. Timelines to come. #digitalbanking #digitalexperiences #onlinebanking #mobilebanking #rankings #review #consumerbanking #canada