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Is Canada ready for Open Banking? This is how it can impact us. * Empowering Consumers and Businesses: - Idea is to give Canadian consumers and businesses greater control over their financial data. - It allows individuals to share their banking data with other firms, enabling services like budgeting apps that consolidate multiple accounts and credit cards. - Beyond convenience, open banking can lead to simpler payments, automated accounting, and improved business finance management. * Credit Assessments and Financial Inclusion: - Significant area of growth is in credit assessments. - Lenders can directly access an individual’s banking data, going beyond traditional credit scores. - Consumers can also build credit scores by demonstrating reliable rent payments, fostering financial inclusion. * A Shift Toward Consumer-Driven Banking: - Open banking reflects a broader trend of giving people more control over the data companies collect about them. - It’s a social movement aligning with global developments, emphasizing fairness, inclusivity, and transparency in the financial system12. https://lnkd.in/g5Hf4Y88

Major economies and #regulators are being and will be in the near future challenged by the sheer force of consumers and technology companies to implement, evolve and fast track #Openbanking. Really admire the Fintechs Canada “Choose More” campaign, an initiative aimed at shedding light on how the country’s financial sector can better serve both consumers and businesses, a major demand being that the government upgrade Canada’s financial system” by implementing Open Banking… The Way To Go… undoubtedly. Some alarming facts as quoted. Fintechs Canada stated that the country is “lagging behind”, with Canadians paying “thousands in banking fees over the course of their lives” and businesses losing out on $3 billion to $6.5 billion each year as a result. It also claims that 63% of Canadians have “abandoned home ownership dreams due to financial strains”. Fintechs Canada wrote: “Open Banking puts you in control of your data. Payments modernization provides faster and lower-cost options for sending and receiving money, and Canada is falling behind the rest of the world.” Spire Tech #Fintechs Open Banking Expo

🇨🇦 Fintechs Canada has launched a campaign to “demand that the government upgrade Canada’s financial system” by implementing Open Banking. As part of the 'Choose More' campaign, Fintechs Canada argues that the country is “lagging behind” and paying thousands in banking fees. Alex Vronces EQ Bank | Equitable Bank Wealthsimple Xero Flinks #openbanking #openfinance #datasharing #fintechnews #fintechs #banking #canadians https://lnkd.in/etq7MASg

From open banking to open finance - New regulations stimulate growth Forthcoming regulatory adjustments stemming from the “Financial data access and payments package” primarily consists of three pillars: 🔸 the third Payment Services Directive (PSD3), 🔸 the Payment Services Regulation (PSR), 🔸 and the Financial Data Access (FIDA) Framework. These initiatives, expected to come into effect in early 2026, hold significant importance in maintaining Europe’s competitiveness and driving forward its innovation agenda. Of these pillars, the FIDA Framework stands out by aiming to establish extensive regulations governing data sharing within the financial industry, including insurance, pensions, payments, etc. Indeed, FIDA presents a multitude of opportunities for stakeholders in the industry. These range from optimizing cross-selling strategies and broadening distribution channels to enabling comprehensive financial wealth management through holistic 360-degree financial profiles. Furthermore, it unlocks innovative possibilities such as personalized financial advice, loans consolidation, customized insurance policies, efficient wealth management, etc. 👉 How traditional banks could further leverage open finance Incumbents now have two choices: simply being compliant, as most of them did when the PSD2 was first adopted, or leveraging the new regulatory requirements to their advantage through open finance. In its early phases, open finance might have appeared as a model that requires banks to make big expenses without receiving much back. However, banks that refuse to (re)act might become vulnerable to their competition in the long run, which, combined with changing customer needs may lead to losses in market share and control over their customer base. Indeed, the true potential of open banking is unfolding now, with most of the ecosystem being interconnected, enabling participants to enjoy the shared advantages of consent-based open data flows. At this stage, banks can transition from being mere data sources to leveraging information from non-bank networks to create personalized products for their customers. Tailored and extensive solutions provided by open finance are even more crucial when considering that the daily banking revenue pool in Europe is projected to increase by 16 percentage points in the next 2 years, with the majority being captured by payments and beyond banking services. With a passive approach, traditional banks risk becoming mere utilities and simple data providers for other players acting as orchestrators in the market. To avoid this, it is essential for banks to take an active approach and become orchestrators themselves. In 2024, traditional banks should definitely step up their digital game by tapping into open banking potential. Subscribe for more insights https://lnkd.in/d94JgWBU Source Zeb Consulting #openbanking #openfinance #fintech Enrico Marcel Richard Panagiotis Tony Efi Nicolas Arjun Oliver

The Future of Business Banking: Challenges and Opportunities In the ever-evolving landscape of finance, the realm of business banking stands at a crossroads, offering both challenges and opportunities for professionals like me who have spent years navigating its intricacies. As a seasoned finance expert with over 9 years of experience, I have witnessed firsthand the shifts and transformations in business banking. One of the most pressing challenges facing business banking today is the need for adaptability. The financial sector is no stranger to rapid technological advancements, and businesses are demanding more streamlined, efficient, and digital solutions. Traditional banking models are being challenged by fintech disruptors, forcing established institutions to innovate or risk obsolescence. Additionally, the regulatory environment is becoming increasingly complex, with frequent updates and changes. Staying compliant with these evolving regulations requires constant vigilance and expertise. This is where the role of professionals like me becomes pivotal. We must not only keep abreast of these changes but also help businesses navigate the compliance landscape. On the flip side, these challenges bring opportunities. The digital revolution presents a chance for business banks to enhance their service delivery through digital transformation. Embracing technologies like artificial intelligence, blockchain, and data analytics can streamline processes, reduce costs, and provide a more personalized customer experience. Furthermore, businesses are looking for financial advisors who can offer strategic insights beyond traditional banking services. This includes helping them make informed decisions, optimize their cash flow, and manage risk effectively. As a finance professional, I see this as an opportunity to provide businesses with valuable financial advisory services.  

Good news for our Canadian clients! 🙌 With the release of the federal 2024 budget, the government has formalized its plan to further consumer-driven banking initiatives. More commonly known as “open banking,” consumer-driven banking empowers individuals to safely share their personal financial data to all sorts of service providers in the diverse financial ecosystem. We think the future for #FinTechs is looking bright! We envision that soon, gone will be the days where screen-scraping is responsible for gathering banking information on critical financial platforms that individuals and businesses rely on. FinTechs will be able to seamlessly integrate with banks to access financial information in a standardized and secure way on behalf of their users. This will undoubtedly help shape a future where ambitious FinTechs can offer novel products and services that make lives better for Canadians. With the budget’s release, the government has earmarked funds to help the Financial Consumer Agency of Canada (FCAC) to administer the consumer-driven banking framework released in the 2023 Fall Economic Statement. Critically, the FCAC will receive funding to run a consumer awareness program. The one critical element left, is the tabling and adoption of legislation. It is our hope that once consumer-banking gains its foundation, we can focus less on wondering what is actually possible and more on building cool stuff with you all! https://lnkd.in/gSgvA25J https://lnkd.in/ehepnzk8

Open Banking and Finance Expected to Breakout in MENA in the Next Two Years Source:(The Fintech Times) Playtech, Arab Financial Services (AFS) and Brankas, the open finance technology company, have published a new whitepaper, revealing the extent of open banking and open finances’ adoption. Titled The Future of Financial Services and Trust in the MENA Region, the whitepaper explores different themes surrounding open banking and open finance. From trust to monetization strategies to adoption, the whitepaper analyses the Middle East and North Africa (MENA) region in depth, while touching on other areas of the world too. AFS and Brankas also highlight the importance of collaboration within the fintech industry. They explain that open banking’s success is reliant on organizations from different areas of the fintech world – be it a payment processor, cybersecurity firm or something else entirely – working together. Open banking offers various pathways for banks to innovate and drive digital transformation. This can be seen by the fact that as of August 2023, over 65 nations have embraced open finance. It is driving financial innovation worldwide. This is especially the case in countries like Australia, India, Brazil and the UK which are extending the data-sharing mandate to non-banking sectors. However, the MENA region is also an exciting region to look at. The whitepaper reveals that between 2023 and 2025, countries like Bahrain, Saudi Arabia, and the UAE are expected to see a huge open banking breakout.

We are excited to announce our Q4 2023 features & Welcome you to our all-inclusive banking service, catering to both businesses & individual consumers. We take pride in offering tailored financial solutions designed to meet the unique needs of both B2B and B2C clients. Here's how Hedpay banking service can benefit your business & personal financial endeavors: For Business to Business Services: 1. Seamless International Payments: Facilitate smooth cross-border transactions with our extensive currency coverage & competitive exchange rates. Whether you need to pay overseas suppliers or receive payments from international clients, our B2B services make it easy & cost-effective. 2. Dedicated Business Banking Support: As a business client, you'll have access to a team of specialized relationship managers who understand the complexities of international trade & can provide personalized financial advice to help your business thrive. 3. Multi-Currency Accounts: Simplify your international cash flow management with multi-currency accounts. Hold various currencies within a single account, reducing the need for constant conversions & minimizing FX risks. 4. Foreign Currency Hedging: Protect your business against currency fluctuations with our foreign currency hedging solutions. Safeguard your profits & budget confidently with our range of hedging products. 5. Efficient Payroll Services: For companies with a global workforce, our payroll services allow you to pay employees in their local currency, making it easier for them & ensuring compliance with local regulations. For Business to Consumer Services: 1. Convenient Remittance Services: Send and receive money internationally with ease using our secure & efficient remittance services. Benefit from competitive exchange rates & low transfer fees for your personal financial needs. 2. Multi-Currency Accounts: Manage your finances across different countries without the hassle of currency conversions. Our multi-currency accounts empower you to hold, transfer, & spend in multiple currencies seamlessly. 3. Global ATM Access: Enjoy Global access to ATMs, allowing you to withdraw cash in the local currency wherever you travel. Say goodbye to costly currency conversion fees. 4. Personalized Investment Solutions: Grow your wealth with our diverse range of investment options. Our expert advisors can guide you in making informed decisions aligned with your financial goals. 5. Online & Mobile Banking: Stay in control of your finances with our user-friendly online & mobile banking platforms. Monitor your accounts, transfer funds, & track transactions on the go. With Hedpay comprehensive banking services, both businesses & individuals can experience a seamless & efficient financial journey. Whether you're conducting international trade or managing your personal finances across borders, we are here to support your financial success. Contact us to explore how we can tailor our services to meet your specific needs!  

Open Banking UK recently posted some astounding figures from their continued success and while the numbers were impressive, the factors driving these numbers to adoption and transactions are of no surprise given the UK government's commitment and support for open banking and open finance Significantly, according to the report, HM Revenue & Customs' adoption of 'pay by bank' capabilities and making the option available to tax payers helped to drive a month to month (June to July) growth in volume for single domestic payments by 8%, to a whopping 10.5M transactions Even less surprisingly, these transactions align with the top three use cases for open banking transactions, ranked in order of voume: - Account top-ups - Credit card bill payments - E-commerce The availability of these transaction types and capabilities helped to showcase a June to July month to month surge of active payment users to 4.2M, or a 10.5% rise - even more eye opening is the year to year user growth rate of 68.2% to July Total number of single domestic payments stands at 163.2M - again from the meteoric rise of 65M transactions alone year to date, and very nearly doubling by 95.6% on a year to year basis These numbers clearly indicate the consumers' willingness and preference to adopt effective open banking solutions to manage their finances Breathtaking... #openfinance #openbanking #adoption #financialinnovation #dataeconomy #fintech #bankinginnovation Open Finance Network Canada https://lnkd.in/g8dKxEfF