OFNC requests further clarity from Canada’s Department of Finance

The Open Finance Network of Canada (OFNC) has asked which of the key recommendations from Open Banking lead Abraham Tachjian’s report will be implemented, to help the Canadian Open Banking community “focus on areas of priority”.

In a letter addressed to Deputy Prime Minister and Minister of Finance Chrystia Freeland and signed by Michelle Beyo, president of OFNC, the organisation thanked “all who have worked tirelessly to bring us to a common ground over the last couple of years”.

The OFNC acknowledged that “setting the groundwork for implementing Consumer-Directed Finance” will “take time”, but added it is “eager to know the steps recommended for collectively making it a reality”.

Michelle Beyo, president of OFNC

“We ask for a summary of all the key recommendations within the report produced through Abraham’s work that will be implemented and why those stood out more than others,” Beyo wrote.

“For recommendations not chosen, it would be good also to understand the same logic, as this helps the broader community focus on areas of priority and avoid those that have been reviewed and set aside.

“As you can appreciate, it allows us, as Canadians and representatives, to view progress over the next stage of Consumer-Directed Finance in Canada.”

In the Department of Finance’s Fall Economic Statement, Minister Freeland committed to delivering Open Banking in Canada.

The framework legislation, which will be supervised and enforced by a “government-led entity”, will be introduced in next year’s Budget.

In the OFNC’s letter, dated December 5, Beyo wrote it has been suggested that the “actual consumer readiness” of consumer-driven finance in Canada is “a longer timeline”.

The OFNC has asked “what steps will be taken to minimize delayed implementation of a working system for Canadians” and whether a body will be “chosen to own and implement in the next year”.

Roy Kao, board member of Open Finance Network Canada, previously told Open Banking Expo: “Once read into the Budget in 2024, the goal is to adopt legislations and the fully implemented governance framework by 2025 – but not necessarily operational in 2025, allowing the government room and flexibility to operationalise the consumer-driven banking framework.”