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The second phase of CFIT’s inaugural coalition is focused on enhancing financial access for vulnerable consumers and SMEs.
What did FDATA North America’s Steve Boms and Fintechs Canada’s Alex Vronces have to say about the government’s plans for a consumer-driven banking framework?
A survey by Environics Research also revealed the likelihood of consumer adoption based on institution type.
The Financial Consumer Agency of Canada will be responsible for the oversight, administration and enforcement of consumer-driven banking.
New partners CGI and IBM Canada, as well as Interac, will support the final part of delivery and operation of RTR.
The new partnership intends to accelerate banks’ compliance with PSD3, allowing them to “capitalise on commercial opportunities sooner than anticipated”.
The partnership aims to simplify domestic and cross-border money movement for Canadian businesses and consumers.
KPMG and Innovate Finance have outlined the three possible scenarios for the implementation of UK Open Finance in a joint report.
The industry-led Taskforce will build on the work done by CFIT’s Open Finance Coalition, which published recommendations earlier this year.
Irfan Khan, mmob’s founder and chief executive officer, said SMEs are an example of the end users that stand to benefit from embedded finance.
