Open Banking in Canada: A New Opportunity for Credit Unions.
On April 16th, the federal government officially formalized Open Banking in the 2024 Budget. This means Credit Unions, like all financial institutions, need to prepare for Open Banking.
Here are a few key takeaways at a glance:
The Canadian government has committed to introducing open banking legislation
FCAC charged with defining the framework and ultimate oversight of Consumer Driven Banking.
Progressive financial institutions will begin this journey now. They will ensure that they are ready to capitalize on the opportunities to come, staying ahead of the curve on developing use cases and valuable fintech partnerships, while gaining expertise for technology and business models.
Our response? We’re here to help. Caspian One Open Banking offers a secure, point-to-point connection that empowers Credit Unions to participate in the Open Banking revolution, without relying on data aggregators.
Why Point-to-Point is Beneficial for Credit Unions:
Direct Control: Unlike data aggregators, Caspian One Open Banking provides a direct, secure connection between your Credit Union and fintechs. By eliminating the dependency on intermediaries, you control your product roadmap via private and unique data exchanges with your preferred TPPs .
Peace of Mind: Point-to-point connections minimize potential security risks associated with transmitting data through third parties as required with data aggregation models.
Streamlined Implementation: Our solution is designed for quick and easy integration, minimizing resource requirements for Credit Unions.
Caspian One Open Banking Advantages:
Fixed Pricing: Most don’t realize the potential cost explosion that comes from transaction fee models, penalizing you for growth in end users and API calls. This is why we have a simple fixed, predictable price model, so open banking makes sense to your financial institution.
Forefront of Canadian, US and UK trust framework: We have been working in the financial industry here in Canada for over 15 years. This has given us a strategic seat at the table with legislators and industry groups. We have also been instrumental in trust framework development around the globe. One might say we are global experts.
Fintech Ecosystem: We help you connect with fintech solutions that enhance your offerings, elevate user experiences, and drive your digital transformation. Experience the benefits of economies realized through a credit union system platform.
Caspian One Open Banking allows you to share and access financial data directly without intermediaries. This means fewer regulatory requirements due to the controlled nature of the connection. We want to ensure your Credit Union meets its strategic needs and adapts to evolving regulations, with technology that makes sense.
Partner with Canada's Open Banking Experts. Contact Caspian One today!
