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Safeguarding your organisation and realising the benefits of Open Banking
The Canadian Credit Union Association (CCUA) participated in the Department of Finance’s 2019 consultation on the merits of Open Banking. It found that Canadian credit unions are supportive of the introduction of an Open Banking regulatory framework to benefit their members and Canada as a whole.
Here we sit down the Large Credit Union Coalition to bring Open Banking to life as we look to the provinces and their role in the future marketplace.
- Modernisation; Open Banking could help reduce the costs of complying with the various regulations that exist
- Competition; An Open Banking framework creates competition, providing space for smaller outfits. It could therefore increase Canadians’ awareness of the credit union alternative.
- Digitisation and Digital ID; Open Banking should be introduced in lockstep with or after the implementation of a cross-sectoral Digital ID system. Doing so will increase trust and better socialise and expose Open Banking to Canadians