In this article, Tracy Molino and Cindy Qi examine the final report of the Advisory Committee on Open Banking, which is a Government of Canada taskforce with the mandate to review the merits of open banking. Open banking allows consumers and small businesses to transfer their financial data among financial institutions and accredited third parties. This article examines the core aspects of the final report of the Advisory Committee on Open Banking, including the vision for open banking in Canada, scope and limits of open banking, governance mechanisms, common rules for liability privacy and security, as well as accreditation and technical standards.
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