Financial Consumer Agency of Canada Outlines Security Safeguards for Consumer-Driven Banking Framework
The Financial Consumer Agency of Canada (FCAC) has updated its regulatory guidance detailing technical security safeguards, participant accreditation standards, and consumer consent rules under Canada's Consumer-Driven Banking Framework. Designed to eliminate risky credential sharing and screen scraping, the framework establishes a legally binding code of conduct requiring participating banks and accredited fintechs to share financial data through standardized, encrypted APIs with mandatory real-time consent revocation tools.
canada.ca · Read the original ↗
More about open banking
Bank of Canada Outlines Oversight Framework Under Consumer-Driven Banking Act
The Bank of Canada detailed its supervisory mandate under the Consumer-Driven Banking Act, setting operational resilience, security, and governance standards for participating financial institutions,...
Department of Finance Canada Pre-Publishes Consumer-Driven Banking Regulations in Canada Gazette
Department of Finance Canada pre-published the Consumer-Driven Banking Regulations in Part I of the Canada Gazette, establishing a staggered rollout starting with Bank of Canada accreditation and repl...