{"id":3724,"date":"2023-04-25T13:02:09","date_gmt":"2023-04-25T17:02:09","guid":{"rendered":"https:\/\/www.indigoconsulting.ca\/?p=3724"},"modified":"2024-01-31T18:18:10","modified_gmt":"2024-01-31T23:18:10","slug":"open-banking-outside-canada","status":"publish","type":"post","link":"https:\/\/www.indigoconsulting.ca\/fr\/blog\/open-banking-outside-canada\/","title":{"rendered":"How have other countries approached open banking?"},"content":{"rendered":"
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\"\"<\/p>

In our hyper-connected world, there\u2019s no denying how important integration has become. Everything from calendars to the productivity suites we use daily seem to support an endless amount of integrations.\u00a0<\/span><\/p>

And yet, within Canada, banking and the greater financial service<\/a> industry has been slow to adapt to this trend. But with the coming of open banking in Canada \u2014 change is on the horizon.\u00a0<\/span><\/p>

The Basics of Open Banking<\/strong><\/span><\/h2>

Open banking is built on standardized data sharing via APIs. It works to enhance data integrity and security for financial services organizations while encouraging innovation, promoting healthy competition, and empowering banking customers with greater control over their financial data.\u00a0<\/span><\/p>

Open banking is not without its challenges, from cost and complexity to regulatory compliance.\u00a0<\/span><\/p>

Since Canada began working to implement open banking in 2020, you’ll need to prepare for those challenges sooner rather than later. The good news is that although open banking is a fairly recent development for the Canadian financial services sector, other countries have had regulations in place for years.\u00a0<\/span><\/p>

By looking at how some of those countries have approached open banking, we can get a better idea of what to expect here.\u00a0\u00a0
<\/span><\/p>

Open Banking in the United Kingdom<\/strong><\/span><\/h2>

The United Kingdom is widely regarded as the nation that led the charge into open banking.\u00a0<\/span><\/p>

In 2016, the Competition and Markets Authority published a report on <\/span>the country’s stagnating banking market<\/span><\/a>. That same year, the country required its nine largest banks to fund and establish the independent Open Banking Implementation Entity (OBIE).\u00a0<\/span><\/p>

Consisting of both industry experts and consumer representatives, OBIE’s responsibilities were as follows:<\/span><\/p>