A Review into the Merits of Open Banking

To encourage consumers and businesses to participate, open banking systems need effective safeguards that ensure the stability of the financial system, protect consumer privacy and rights, and ensure the security of participants’ financial information. [...] Addison and Dominique could Through the assessment of potential market frameworks, like opt-in to the service when they choose and opt-out at any point, open banking, consideration can be given to how to manage knowing that access to the accounts and their information are these new risks and ensure that the market evolves in a way that governed by clear rules and protections. [...] The digital transformation of the financial sector, and supporting policy frameworks, have the potential to both better serve con- sumers and grow businesses and markets, contributing to the growth of the Canadian economy and Canada’s global advantage. [...] Open banking has the potential to boost the competitiveness of the financial sector by giving a wider range of players access to financial data they can use to develop new and more tailored products and services. [...] Consumer choice: ¼ The Competition and Markets Authority mandated the creation of an open API banking standard for the U. K’s nine largest incumbent banks, and noted that such a standard, “has the greatest potential to transform competition in retail banking markets.” ¼ The timely development and implementation of an open API banking standard was viewed as the tool with the greatest potential to t