A long-awaited change to Canadian banking is coming
Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.
Ah yes, finally what we’ve been missing in our financial system! 🤭
Open Banking is cool but Canada needs a federally owned instant payment/transfer system like everyone else is doing, yes even the US, and no Interac doesn’t cut it.
Great, someting I don’t particularly need. Rather, I am perplexed if other institution/companies would require us to allow them access to all our financial data (which, until now, was kept as exclusive “property” of the bank).
Before all that, can they enable 2-factor/multifactor authentication beyond dumb SMS verification (SIM jacking, phishing, and telecom social engineering make that option not particularly secure)?
Ideally, I would like to register multiple hardware keys (Yubico or other Fido2 CTAP2 or U2F compliant key) to authenticate myself on a banking app or bank website.
No bank in Canada offers that as of now, but they already internally use PKI / PIV access card or even Yubikey to securely connect their employees for work-from-home situations or whatever is the latest tech to comply with security regulations.
omg, yes! Accessing your own banking data for automatic accounting is hellish in Canada. Even more powerful will be the ability to start marking up your transaction data with your own metadata.
Good article, bad clickbaity headline. For anyone else wondering what it is but not wanting to click, here it is!
Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.
Other emerging uses include simpler payments, automated accounting, and business finance management.
One of the biggest areas of growth is in credit assessments. Under open banking, lenders could directly access an individual’s banking data, so they can look beyond credit scores. Consumers can also use it to build their credit scores, for example by proving reliable rent payments.
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