Open Banking Initiative Canada

We are a diverse group of Board Members and a neutral partner for the financial services industry in Canada, helping to educate on the benefits of Open Banking and Open Finance. Open Finance Network of Canada (OFNC) is a not-for-profit organization whose mission is to bring together all stakeholders from across financial services to advocate for data rights for Canadian consumers and businesses while highlighting the benefits of Open Banking and Open Finance for Canada. As we believe they can be a force for good for Canadian consumers and SMEs. Open Finance is the next step beyond Open Banking, enabling access and sharing of consumer data to even more financial products and services — not just banking. Allowing people to connect information from various services provides opportunities for more holistic and personalized offerings. Gaining unparalleled access to a broader range of products and services. As a result, financial institutions can collaborate with various providers to deliver a wider variety of services to their customers based on consumer data, uncovering new business models and innovations. With secure and reliable connections powered by Open Finance, fintechs can deliver products uniquely designed to meet consumer needs.