{"id":20137,"date":"2020-07-22T09:56:08","date_gmt":"2020-07-22T13:56:08","guid":{"rendered":"https:\/\/wealthica.com\/blog\/?p=20137"},"modified":"2020-07-22T09:56:08","modified_gmt":"2020-07-22T13:56:08","slug":"fdata-north-america-releases-report-on-competition-issues-around-open-banking","status":"publish","type":"post","link":"https:\/\/wealthica.com\/blog\/fdata-north-america-releases-report-on-competition-issues-around-open-banking\/","title":{"rendered":"FDATA North America Releases Report On Competition Issues Around Open Banking in Canada"},"content":{"rendered":"

On July 17, the Financial Data and Technology Association (FDATA) of North America released a paper<\/a> on competition issues around customer-directed finance (often referred to as “Open Banking”) and the financial data access competitive landscape in Canada. <\/p>\n

The paper\u2019s release coincided with a virtual presentation<\/a> by FDATA North America Executive Director Steve Boms, Senator Colin Deacon, as well as Michael Binetti, partner at Affleck Greene McMurtry LLP who are all very well versed on the subject at hand. It’s good to note that Wealthica is a member of FDATA North America and therefore several team members attended the presentation.<\/p>\n

FDATA’s findings are centered around three points:<\/p>\n

1. The growth of the Canadian fintech ecosystem<\/h2>\n

A growing number of Canadian consumers and small businesses are choosing to use fintech providers for payment and savings services, to provide access to credit, and to give them an complete view of their financial lives. Those users amount to approximately 4 million people. <\/p>\n

One of the main principles of fintech services is the consumers\u2019 or small businesses\u2019 ability, and right, to access to their financial data, which is typically held at a financial institution. Wealthica is, you might have guessed, a good example of this type of offering.<\/p>\n

2. Access to financial data is routinely thwarted<\/h2>\n

FDATA found that traditional financial institutions in Canada routinely attempt to thwart access to consumers’ financial data. <\/p>\n

These restrictions include:<\/p>\n