Canada Open Banking | Obic
Time 2022-08-02 04:48:02Web Name: Canada Open Banking | Obic
WebSite: http://www.obicanada.ca
ID:267796
Keywords:
Open,Canada,Obic,BankingDescription:
Who We Are
OBIC is a not-for-profit organization whose mission is to support an open, transparent and trusted banking system that supports the growth and well-being of all Canadians. We are the neutral partner for the financial services industry in Canada, helping to ensure the creation of a collaborative framework for banking and finance, where customer data can be shared simply and securely, and our financial institutions can lead the world and keep Canada strong.
What Is Open Banking?
Open banking is a global movement to empower consumers with control over their financial data. This control gives consumers the freedom to share their personal data with third-party companies that can then use that data to provide alternative financial services that make it easier for consumers to move, manage and control their money. This will in turn provide consumers with greater choice, control and more personalized financial products and services. The benefits of open banking include improved financial control, customer experience, new revenue streams, a sustainable service model for underserved markets. Open banking will build a foundation of security, trust and financial innovation that will evolve and strengthen the diverse fabric of our Canadian economy and the financial stewardship of all Canadians.
Canadian
Consumers
Open banking equals more choice, control, security and potential for Canadian consumers and small businesses to be empowered with their finances.
Financial Institutions
Open banking positions financial institutions to create customer-centric, highly personalized solutions that will extend their reach and secure market share.
FinTech
Companies
Open banking empowers fintechs to build innovative financial services technology using key data about what consumers need, both today and in the future.
Canadian
Government
Open banking provides governments with a framework in which Canadian values and rights and privacy are safeguarded within a changing digital economy.
Small Businesses
Open Banking offers Canadian small businesses more choices, control and security. It also offers the opportunity to access innovative toolsto help them grow in a digital age.
The Canadian
Economy
Open banking could potentially result in a review of the corporate taxes payable by the finance sector, increasing government revenue that will ultimately flow down to Canadians.
OBIC Open Banking Insight Series Episode Ten: Open Banking Drives Strong Cybersecurity Through APIs
The Honourable Senator Colin Deacon and OBIC Board Member and CEO of Finavator INC Michelle Beyo hosted the tenth episode of OBIC’s Open Banking Insights Series. In this episode, they had the privilege of sitting down with Joseph Lau, Chief Information Security Officer (CISO) at Sagard Holdings and Portage Ventures, and Alan Osborne, Executive Vice President and Chief Information Security Officer (CISO) at PaySafe Group to discuss how an Open Banking framework will help to drive strong cybersecurity for the whole ecosystem through APIs. The panel explored the importance of cybersecurity for all companies and how an Open Banking framework will help to drive strong cybersecurity for the whole ecosystem through APIs. The panel analyzed different examples of cybersecurity, and shared how Fintechs have built modern cybersecurity infrastructures that are comparable, and sometimes even superior, to the banks. Thank you to the many Open Banking Initiative Canada fintech working group members for helping to bring this series together: Hanna Zaidi, Paul Chan, Roy Kao (高兆强), Suzanne Ennis, and many others.Learn more at obicanada.caOBIC Open Banking Insight Series Episode Nine: Why Consumers Benefit from Open Finance
The Honourable Senator Colin Deacon and OBIC Board Member and CEO of Finavator INC Michelle Beyo hosted the ninth episode of OBIC’s Open Banking Insights Series. In this episode, they had the privilege of sitting down with the Financial Consumer Agency of Canada (FCAC)and the Open Banking Implementation Entity (OBIE) of the UK to discuss the benefits of Open Banking for Canadian and UK consumers. They were joined by Judith Robertson, Commissioner for the Financial Consumer Agency of Canada (FCAC), and Faith Reynolds, the Independent Consumer Representative for the Open Banking Implementation Entity (OBIE). The panel explored the benefits of Open Banking for Canadian and UK consumers and discussed how Open Banking can provide consumers with greater access to new and innovative products and services to help them meet their financial needs and goals. Thank you to the many Open Banking Initiative Canada fintech working group members for helping to bring this series together: Hanna Zaidi, Paul Chan, Roy Kao (高兆强), Suzanne Ennis and many others.Learn more at obicanada.caOBIC Open Banking Insight Series Episode Eight: Advantages for SME's and Government
The Honourable Senator Colin Deacon and OBIC Board Member and CEO of Finavator INC Michelle Beyo hosted the eighth episode of OBIC’s Open Banking Insights Series. In this episode, they had the privilege of sitting down with Payments Canada and the Open Banking Implementation Entity (OBIE) of the UK to discuss the benefits for SMEs and government. They were joined by Anne Butler, the Chief External Relations & Legal Officer at Payments Canada, and Simon Lyons the Head of Ecosystem Engagement at OBIE. The panel explored the advantages of an Open Banking framework for Governments and SMEs and examined how an Open Banking framework will benefit taxes and B2B payments. Thank you to the many Open Banking Initiative Canada fintech working group members for helping to bring this series together: Hanna Zaidi, Paul Chan, Roy Kao (高兆强), Suzanne Ennis and many others.Learn more at obicanada.caOBIC Insight Series Episode Seven: Government
The Honourable Senator Colin Deacon and OBIC Board Member and CEO of Finavator INC Michelle Beyo hosted the seventh episode of OBIC’s Open Banking Insights Series. In this episode, they had the privilege of sitting down with the Competition Bureau of Canada and the Competition and Markets Authority of the UK to discuss the benefits of open banking for consumers and businesses. They were joined by Leila Wright, Associate Deputy Commissioner at the Competition Bureau of Canada and Dr. Bill Roberts, Head of Open Banking at the UK Competition and Markets Authority. Dr. Roberts has been a part of Open Banking in the UK since the very beginning. The panel explored the relationship and benefits that open banking can have for consumers and businesses. They also discussed open banking as a catalyst for competition in Canada and the UK. Thank you to the many Open Banking Initiative Canada fintech working group members for helping to bring this series together: Hanna Zaidi, Paul Chan, Roy Kao (高兆强), Suzanne Ennis and many others.Learn more at obicanada.caOBIC Insight Series Episode Six: Digital ID
The Honourable Senator Colin Deacon and OBIC Board Member and CEO of Finavator INC Michelle Beyo hosted the sixth episode of OBIC’s Open Banking Insights Series. They were joined by Kashmera Self, AVP, Strategy & Emerging Solutions Delivery at Interac Corp and David Birch, Leader of 15Mb Ltd. and commentator on Digital Financial Services.The panel explored the benefits of open banking and discussed the importance of consent and Digital ID as part of open banking for FI’s, fintechs and consumers. Additional conversation and insights from this session included: - More than 60% of Canadians care more today about keeping their identity safe online than they did before - Digital ID should be established for not only individuals but also companies - Sliding too quickly into a cashless society can potentially marginalize different groups and open banking can help drive new solutionsThank you to the many Open Banking Initiative Canada fintech working group members for helping to bring this series together: Hanna Zaidi, Paul Chan, Roy Kao (高兆强), Suzanne Ennis and many others.To learn more, visit obicanada.caOBIC Insight Series Episode Five: Banking
The Honourable Senator Colin Deacon and OBIC Board Member and CEO of Finavator Michelle Beyo host our fifth episode of OBIC’s Open Banking Insights Series. They were joined by Mahima Podder, SVP Head of Retail Banking at EQ Bank and Hetal Popat, Director for Open Banking Services at HSBC..The panel explored the benefits of open banking for public companies in both Canada and the UK. They also discussed how open banking can provide a framework to facilitate meaningful partnerships. Other insights from this session include: - open banking is the next step when it comes to the digitization of financial products and services - consumer’s trust in open banking is growing in the UK - in Canada, it’s important that Open Banking includes write access, Digital ID, and payment modernization to provide valueAbout OBIC Open Banking Insight Series Focuses on sharing the benefits of open banking across many sectors highlighting panellists from Canada and the UK to discuss current challenges and potential opportunities.#openbanking #fintech #fintechpartnerships #finavator #womeninfintechLearn more at obicanada.caOBIC Insight Series Episode Four: Lending
The Honourable Senator Colin Deacon and OBIC Board Member and CEO of Finavator Michelle Beyo host another episode of OBIC’s Open Banking Insights Series They were joined by Keren Moynihan, CEO of Boss Insights and Simon Cureton, CEO of Funding Options.The panel explored lending, specifically the seed stage life cycle, for fintech growth in both Canada and in the UK. They also discussed how access to open banking can help fintech's trajectory around the world. Additional insights from this session included how:-COVID-19 has accelerated digitization by an estimated 6-10 years-The UK injected $400 Billion in two months to support businesses-Canada needs to create a lending scheme that incentivizes businesses to retain employees and inspire growthAbout OBIC Open Banking Insight Series Focuses on sharing the benefits of open banking across many sectors,. highlighting panellists from Canada and the UK as they discuss current challenges and potential opportunities.#openbanking #lending #fintech obicanada.caOBIC Insight Series Episode Three: Personal Finance
We are delighted to share the third episode of the OBIC Open Banking Insights Tuesday Series, with incredible series moderator Senator Colin Deacon and OBIC Host Michelle Beyo CEO Finavator INC.Today's session is on Personal Finance, with a focus on early-stage FinTech companies in Canada (OliveGroup) and the UK (SteadyPay) and how open banking can help consumers obtain access to unique personal finance tools as well as enable fast, secure and structured onboarding for early-stage businesses.Our expert panellists included: Oleg Mukhanov, COO and CFO at SteadyPay Ramy Nassar, Chief Experience Officer and Co-Founder of Olive Group Ltd Thank you to the many Open Banking Initiative Canada FinTech working group members for helping bring this series together: Hanna Zaidi, Paul Chan, Roy Kao (高兆强) Suzanne Ennis and many others. About Our SeriesOpen Banking Insight Series focuses on sharing the benefits of open banking across many sectors, including episodes that highlight panellists from Canada and the UK as they discuss current challenges and potential opportunities.OBIC Insight Series
“There is an extraordinary sense of urgency, energy and focus on building an open finance framework for Canada, and I’m very excited to be joining the OBIC at this time to participate and contribute. As a technology-focused company, Valeyo is committed to working with the industry and its clients to advance the execution of consumer driven finance, and help demonstrate the value and equity it brings to institutions and consumers alike”.
Sara Mazhar, SVP Chief Strategy and Technology Officer at Valeyo
Hear From Our Members
Become an OBIC Member
Our membership is both broad and inclusive, including FinTechs, financial institutions, paytechs, regtechs, emerging industries and international thought leaders. OBIC membership offers each of these groups first-mover status in what will soon be a revolutionary change in the financial services industry. Additional benefits offered have been designed to deepen each members’ engagement and sphere of influence in Canada’s evolving open banking arena.
OBIC’s Manifesto for Open Banking
Open banking is a global movement to empower consumers with control over their financial data. This control gives consumers freedom to share their personal data with third-party companies that can then use that data to provide alternative financial services that make it easier for consumers to move, manage and control their money. This will in turn provide them with greater choice, control and personalized financial services. The concept of open banking is also referenced as Consumer Directed Finance (CDF) in Canada, a suggestion made by the Department of Finance after the first public consultation in January 2019.
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