we continue to enjoy a strong, stable, and innovative financial sector that is globally competitive, promotes consumer choice, prioritizes data privacy, and contributes to economic growth,” she added.
Accordingly, the report calls for the launching of a “purpose-built governance entity” that would oversee the implementation of an open banking framework in the North American nation. It also recommended three key elements, including the protection of customer data by open banking industry participants and ensuring those responsible are held liable. It also laid out technical details that would ensure safe and efficient data transfers and recommended a framework that would allow payment processors and other third party service providers to participate in this scheme.
