Innovation news

Canada’s consumer-directed banking framework, set to begin rolling out in 2025, signals a major redesign of how financial data will move across the economy. For years, fintech apps have relied on “screen-scraping” methods that copy customer credentials to access information. The upcoming model will replace that practice with secure, standardized APIs. These will operate under clear accreditation and liability rules, defining who may handle data, how consent is tracked, and wh

Canada’s emerging framework for consumer‑driven banking could mark a turning point in the country’s financial innovation story. Set to take effect in 2025, the rules will compel major banks to participate in a regulated system governed by a single API standard and supervised by the Bank of Canada. The goal is to replace the fragile practice of screen‑scraping with verified, privacy‑protected data sharing. Behind the policy sits a broader question: how can Canada translate its

Canada’s financial sector is preparing for a major shift as consumer-driven banking, often called open banking, moves from policy drafting to technical rollout. By 2025, a single national framework will guide how consumers share their financial data securely with service providers of their choice. For businesses, it replaces a patchwork of data handling rules with a standard that clarifies consent, liability, and security practices. For consumers, it promises more transparenc

Budget 2025 marks a turning point for Canada’s financial technology landscape. The federal plan introduces a consumer‑driven banking framework that will replace the patchwork of data‑sharing practices now common across the sector. By shifting from screen‑scraping to secure application programming interfaces, the framework sets a new expectation: Canadians will control how and when their financial data is shared, while institutions and startups must meet clear national standar