CANADA
Canada is on track to implement open banking by the end of 2023, with exploration of its potential since 2018.
Abraham Tachjian, leading the Government's Open Banking initiative, is supported by an advisory committee. Caspian One has played a pivotal role in advancing open banking, collaborating closely with major banks, credit unions, and the Canadian Government. Our first-to-market FDX open banking solution for a major bank received full government support.
Approximately 4 million Canadians currently rely on screen scraping for financial data access. The transition to secure APIs through Open Banking is vital, offering secure and reliable data access. This shift ensures greater control over financial information, enhancing data privacy and security. As Canada progresses in its open banking journey, the focus on secure APIs will create a safer and more efficient financial ecosystem.
Updated: November 2023
