Canada’s EQ Bank has partnered with Open Banking platform Flinks to give the bank’s customers the ability to share their financial data securely with third-party fintech applications at their discretion.
EQ Bank said that the partnership, and the integration of Flinks Outbound, which is an Open Banking “environment”, provides it with the framework to deliver Open Banking capabilities and to launch and operate new API data-sharing methods.
In addition, the product partnership will provide EQ Bank, a digital banking platform launched in 2016 by challenger Equitable Bank, with new data management capabilities.
Flinks manages the onboarding, accreditation, and support to ensure easy adoption of the APIs.
Andrew Moor, president and CEO of Equitable Bank, said the two companies have “long been philosophically aligned in believing that Open Banking can bring broad benefits to Canadian society”.
“We work closely together to engage with government and industry groups to try to bring Open Banking to life in Canada and are delighted to deliver against that priority and bring innovative services to our customers to give them more control over their financial lives and their data,” Moor added.
According to Cathy Ly, vice president, customer experience, digital banking at Equitable Bank, many of its customers have been asking for more seamless ways to share data with their other financial apps.
“Just as important, however, are those customers who have not asked about data sharing because they are unaware of the benefits that can come from it. We’re looking forward to reinventing how customers engage with EQ Bank and their financial data through Open Banking,” she said.