The Roundtable’s Mission.
This forum is invite only and private.
The CLA represents companies from all aspects of the financial ecosystem. Our members rely on access to permissioned financial data to service next-gen solutions in Canada. The Open Finance Roundtable has the unique opportunity to work with our 300+ member companies to advocate for secure APIs to drive innovation for the consumer and commercial sectors.
This roundtable’s focus is on next-gen services. In an Open Banking economy what are APIs that drive meaningful value? We are seeking to lead a mature discussion on the long-term benefits of Financial Data Portability (FDP).
What is Open Finance and Why is it important?
Digital transformation in the financial services sector in Canada has changed the way we expect to interact with our financial institutions and manage our personal and commercial finances. In many economies around the world, open banking has enabled Financial Data Portability (FDP). From mortgages and pensions to payment solutions, this open architecture removes legacy barriers and leads to a new-generation of financial solutions.
Open Finance is Open Banking 2.0. Both concepts are predicated on the idea that account holders should determine who can access their information and make payments on their behalf. However, Open Finance expands the scope of Open Banking. Specifically, it works to allow third parties to access a broader range of customer data from savings accounts, investments, pensions, mortgages, insurance and much more. In turn, that data can be used to create more personalized and intuitive financial products. In practice, Open Finance could help realize the full potential of Open Banking.
Stay tuned from January 2024 in advance of the Bankers Summit in May. Please register to learn more.