Given 6+ months have passed, I’m curious whether the FI in question reworked their backend to resolve the integration issues.
Canada has been slow to adopt open banking, and the pandemic certainly pushed it further down on the to-do list. I patiently wait for the Canadian government to introduce the first stage of open banking in 2023.
On the other hand, Canadian banks do realize the benefits and need to provide easier access for customers to share their financial data, and started inking agreements with private companies to provide third-party access (e.g. TD with Finicity, RBC with Yodlee). So there is hope that we will see “some” level of expanded (not open) banking access to us customers soon.
Now the question is: do traditional FIs have product people that possess the business acumen and technical knowledge to launch open banking capabilities SECURELY? I hope we won’t find out in the hard way.
Given 6+ months have passed, I’m curious whether the FI in question reworked their backend to resolve the integration issues.
Canada has been slow to adopt open banking, and the pandemic certainly pushed it further down on the to-do list. I patiently wait for the Canadian government to introduce the first stage of open banking in 2023.
On the other hand, Canadian banks do realize the benefits and need to provide easier access for customers to share their financial data, and started inking agreements with private companies to provide third-party access (e.g. TD with Finicity, RBC with Yodlee). So there is hope that we will see “some” level of expanded (not open) banking access to us customers soon.
Now the question is: do traditional FIs have product people that possess the business acumen and technical knowledge to launch open banking capabilities SECURELY? I hope we won’t find out in the hard way.