{"id":12442,"date":"2023-04-21T16:07:49","date_gmt":"2023-04-21T20:07:49","guid":{"rendered":"https:\/\/projecthermes.wpengine.com\/takeaways-from-the-2023-canadian-open-banking-forum\/"},"modified":"2023-08-11T13:04:45","modified_gmt":"2023-08-11T17:04:45","slug":"takeaways-from-the-2023-canadian-open-banking-forum","status":"publish","type":"post","link":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/","title":{"rendered":"Takeaways From the 2023 Canadian Open Banking Forum"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><section class=\"l-section wpb_row height_medium\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_flex valign_top type_default stacking_default\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"w-image align_none\"><div class=\"w-image-h\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"730\" src=\"https:\/\/innovation.interac.ca\/wp-content\/uploads\/2023\/04\/OB-blog-post-1024x730.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/innovation.interac.ca\/wp-content\/uploads\/2023\/04\/OB-blog-post-1024x730.jpg 1024w, https:\/\/innovation.interac.ca\/wp-content\/uploads\/2023\/04\/OB-blog-post-300x214.jpg 300w, https:\/\/innovation.interac.ca\/wp-content\/uploads\/2023\/04\/OB-blog-post.jpg 1061w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"l-section wpb_row height_medium\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_flex valign_top type_default stacking_default\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p>Open banking has become a significant subject of discussion in Canada since 2018, when the Advisory Committee on Open Banking was first appointed. Since then, many from the finance industry have gathered at events to discuss potential paths forward for open banking. Infonex\u2019s Canadian Open Banking Forum was one of these opportunities, attracting participants from financial institutions, fintechs, service providers and regulators.\u00a0 Hosted virtually in April, the Forum sought to provide \u201cideas, inspiration and know-how from the foremost leaders in the [open banking] field.\u201d Below are some of the most important takeaways from this year\u2019s event:<\/p>\n<p><strong>1) A made-in-Canada approach should be utilized, while leveraging learnings from other markets:<\/strong><\/p>\n<p>Canada\u2019s unique position and timing regarding open banking, allows the country to look to other nations for not only best practices, but also potential pitfalls. Banco Central do Brasil\u2019s Matheus Rauber Coradin (Senior Advisor, Financial System Regulation Department) highlighted how despite a strong uptick in user consents since open banking\u2019s implementation in that market, difficulties still exist. He mentioned connectivity issues between participants, trouble aligning interests among participants, and delays on implementation as being major pain points. Being aware of areas where stumbling blocks can exist, combined with understanding unique national needs, can help inform the way Canada navigates its path towards open banking \u2013 resulting in streamlined processes and it\u2019s successful adoption by Canadians.<\/p>\n<p><strong>2) Collaboration is the path forward:<\/strong><\/p>\n<p>Simon Lyons, Chief Strategy Officer (CSO) at Obconnect presented on how collaboration fostered the success of open banking in the UK. In his previous role as Standards Transformation Lead at Pay.UK, Lyons observed how collaboration with the private sector drove the adoption of Open Banking in that part of the world. Citing Apple\u2019s acquisition of Credit Kudos, which could help Apple\u2019s Pay Later feature extend to those without traditional means of credit, Lyons spoke of how the collaboration between regulators and the private sector can help consumers understand use cases for open banking.<\/p>\n<p><strong>3) Simplicity must be a priority:<\/strong><\/p>\n<p>During a fireside chat, Interac\u2019s Dinaro Ly (AVP, Innovation Partnerships) spoke with Xero\u2019s Max Nokhrin (Canada Partnerships Lead), about how partnering with innovators in the space can lead to positive outcomes. The discussion revealed how partnerships between organizations and small businesses, can solve for common pain points. For example, Nokhrin said implementation should be geared towards simple use cases at first, such as bill payments, invoice payments, lending conversations, and streamlining back-office processes for businesses. The more innovators in the space that can make open banking a tool for simplicity and efficiency, the greater success it will have in Canada.<\/p>\n<p>Embracing other market\u2019s lessons, collaboration, and simplicity are a way of ensuring that all within the Canadian ecosystem are aligned on how to move forward. Many of these are in line with Interac\u2019s own approach to open banking; championing consumer control and trust, building simplicity into the consumer experience, and working in partnership to propel innovation. By working together to leverage the three takeaways from the Canadian Open Banking Forum, the ecosystem can help ensure that open banking is a path towards more equality, access, and opportunity for <em>all<\/em> Canadians.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"Open banking has become a significant subject of discussion in Canada since 2018, when the Advisory Committee on Open Banking was first appointed. Since then, many from the finance industry have gathered at events to discuss potential paths forward for open banking. Infonex\u2019s Canadian Open Banking Forum was one of these opportunities, attracting participants from...","protected":false},"author":35,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[104],"tags":[],"posts_format":[],"class_list":["post-12442","post","type-post","status-publish","format-standard","hentry","category-innovation-fr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Innovation Hub - Takeaways From the 2023 Canadian Open Banking Forum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Takeaways From the 2023 Canadian Open Banking Forum\" \/>\n<meta property=\"og:url\" content=\"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/\" \/>\n<meta property=\"og:site_name\" content=\"Innovation Hub\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/interac\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-21T20:07:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-11T17:04:45+00:00\" \/>\n<meta name=\"author\" content=\"Matthew Wright\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@interac\" \/>\n<meta name=\"twitter:site\" content=\"@interac\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matthew Wright\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/\"},\"author\":{\"name\":\"Matthew Wright\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#\\\/schema\\\/person\\\/3ddc5b76fd63bf139d95d525868c4ab9\"},\"headline\":\"Takeaways From the 2023 Canadian Open Banking Forum\",\"datePublished\":\"2023-04-21T20:07:49+00:00\",\"dateModified\":\"2023-08-11T17:04:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/\"},\"wordCount\":559,\"publisher\":{\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#organization\"},\"articleSection\":[\"Innovation\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/\",\"url\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/\",\"name\":\"Takeaways From the 2023 Canadian Open Banking Forum - Innovation Hub\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#website\"},\"datePublished\":\"2023-04-21T20:07:49+00:00\",\"dateModified\":\"2023-08-11T17:04:45+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/takeaways-from-the-2023-canadian-open-banking-forum\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Takeaways From the 2023 Canadian Open Banking Forum\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#website\",\"url\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/\",\"name\":\"Innovation Hub\",\"description\":\"Innovation Hub\",\"publisher\":{\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#organization\",\"name\":\"Interac\",\"url\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/innovation.interac.ca\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Interac_TwoColour_RGB.png\",\"contentUrl\":\"https:\\\/\\\/innovation.interac.ca\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Interac_TwoColour_RGB.png\",\"width\":2210,\"height\":2210,\"caption\":\"Interac\"},\"image\":{\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/interac\",\"https:\\\/\\\/x.com\\\/interac\",\"https:\\\/\\\/www.youtube.com\\\/user\\\/InteracBrand\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/interac-corp\\\/\",\"https:\\\/\\\/www.instagram.com\\\/interac\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/#\\\/schema\\\/person\\\/3ddc5b76fd63bf139d95d525868c4ab9\",\"name\":\"Matthew Wright\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a4de0bd568a4b3bcb767f443597131bbc4442f944bf4c8d9481b508b37436e72?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a4de0bd568a4b3bcb767f443597131bbc4442f944bf4c8d9481b508b37436e72?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a4de0bd568a4b3bcb767f443597131bbc4442f944bf4c8d9481b508b37436e72?s=96&d=mm&r=g\",\"caption\":\"Matthew Wright\"},\"url\":\"https:\\\/\\\/innovation.interac.ca\\\/fr\\\/author\\\/matthewwright\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Innovation Hub - Takeaways From the 2023 Canadian Open Banking Forum","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/","og_locale":"fr_FR","og_type":"article","og_title":"Takeaways From the 2023 Canadian Open Banking Forum","og_url":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/","og_site_name":"Innovation Hub","article_publisher":"https:\/\/www.facebook.com\/interac","article_published_time":"2023-04-21T20:07:49+00:00","article_modified_time":"2023-08-11T17:04:45+00:00","author":"Matthew Wright","twitter_card":"summary_large_image","twitter_creator":"@interac","twitter_site":"@interac","twitter_misc":{"\u00c9crit par":"Matthew Wright","Dur\u00e9e de lecture estim\u00e9e":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/#article","isPartOf":{"@id":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/"},"author":{"name":"Matthew Wright","@id":"https:\/\/innovation.interac.ca\/fr\/#\/schema\/person\/3ddc5b76fd63bf139d95d525868c4ab9"},"headline":"Takeaways From the 2023 Canadian Open Banking Forum","datePublished":"2023-04-21T20:07:49+00:00","dateModified":"2023-08-11T17:04:45+00:00","mainEntityOfPage":{"@id":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/"},"wordCount":559,"publisher":{"@id":"https:\/\/innovation.interac.ca\/fr\/#organization"},"articleSection":["Innovation"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/","url":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/","name":"Takeaways From the 2023 Canadian Open Banking Forum - Innovation Hub","isPartOf":{"@id":"https:\/\/innovation.interac.ca\/fr\/#website"},"datePublished":"2023-04-21T20:07:49+00:00","dateModified":"2023-08-11T17:04:45+00:00","breadcrumb":{"@id":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/innovation.interac.ca\/fr\/takeaways-from-the-2023-canadian-open-banking-forum\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/innovation.interac.ca\/fr\/"},{"@type":"ListItem","position":2,"name":"Takeaways From the 2023 Canadian Open Banking Forum"}]},{"@type":"WebSite","@id":"https:\/\/innovation.interac.ca\/fr\/#website","url":"https:\/\/innovation.interac.ca\/fr\/","name":"Innovation Hub","description":"Innovation Hub","publisher":{"@id":"https:\/\/innovation.interac.ca\/fr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/innovation.interac.ca\/fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/innovation.interac.ca\/fr\/#organization","name":"Interac","url":"https:\/\/innovation.interac.ca\/fr\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/innovation.interac.ca\/fr\/#\/schema\/logo\/image\/","url":"https:\/\/innovation.interac.ca\/wp-content\/uploads\/2023\/11\/Interac_TwoColour_RGB.png","contentUrl":"https:\/\/innovation.interac.ca\/wp-content\/uploads\/2023\/11\/Interac_TwoColour_RGB.png","width":2210,"height":2210,"caption":"Interac"},"image":{"@id":"https:\/\/innovation.interac.ca\/fr\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/interac","https:\/\/x.com\/interac","https:\/\/www.youtube.com\/user\/InteracBrand","https:\/\/www.linkedin.com\/company\/interac-corp\/","https:\/\/www.instagram.com\/interac\/"]},{"@type":"Person","@id":"https:\/\/innovation.interac.ca\/fr\/#\/schema\/person\/3ddc5b76fd63bf139d95d525868c4ab9","name":"Matthew Wright","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/a4de0bd568a4b3bcb767f443597131bbc4442f944bf4c8d9481b508b37436e72?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a4de0bd568a4b3bcb767f443597131bbc4442f944bf4c8d9481b508b37436e72?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a4de0bd568a4b3bcb767f443597131bbc4442f944bf4c8d9481b508b37436e72?s=96&d=mm&r=g","caption":"Matthew Wright"},"url":"https:\/\/innovation.interac.ca\/fr\/author\/matthewwright\/"}]}},"_links":{"self":[{"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/posts\/12442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/comments?post=12442"}],"version-history":[{"count":0,"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/posts\/12442\/revisions"}],"wp:attachment":[{"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/media?parent=12442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/categories?post=12442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/tags?post=12442"},{"taxonomy":"posts_format","embeddable":true,"href":"https:\/\/innovation.interac.ca\/fr\/wp-json\/wp\/v2\/posts_format?post=12442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}