Who We Are
OBIC is a not-for-profit organization whose mission is to support an open, transparent and trusted banking system that supports the growth and well-being of all Canadians. We are the neutral partner for the financial services industry in Canada, helping to ensure the creation of a collaborative framework for banking and finance, where customer data can be shared simply and securely, and our financial institutions can lead the world and keep Canada strong.
What Is Open Banking?
Open banking is a global movement to empower consumers with control over their financial data. This control gives consumers the freedom to share their personal data with third-party companies that can then use that data to provide alternative financial services that make it easier for consumers to move, manage and control their money. This will in turn provide consumers with greater choice, control and more personalized financial products and services. The benefits of open banking include improved financial control, customer experience, new revenue streams, a sustainable service model for underserved markets. Open banking will build a foundation of security, trust and financial innovation that will evolve and strengthen the diverse fabric of our Canadian economy and the financial stewardship of all Canadians.
Open banking equals more choice, control, security and potential for Canadian consumers and small businesses to be empowered with their finances.
Open banking positions financial institutions to create customer-centric, highly personalized solutions that will extend their reach and secure market share.
Open banking empowers fintechs to build innovative financial services technology using key data about what consumers need, both today and in the future.
Open banking provides governments with a framework in which Canadian values and rights and privacy are safeguarded within a changing digital economy.
Open Banking offers Canadian small businesses more choices, control and security. It also offers the opportunity to access innovative tools to help them grow in a digital age.
Open banking could potentially result in a review of the corporate taxes payable by the finance sector, increasing government revenue that will ultimately flow down to Canadians.
OBIC Open Banking Insight Series Episode Ten: Open Banking Drives Strong Cybersecurity Through APIs
OBIC Open Banking Insight Series Episode Nine: Why Consumers Benefit from Open Finance
OBIC Open Banking Insight Series Episode Eight: Advantages for SME's and Government
OBIC Insight Series Episode Seven: Government
OBIC Insight Series
“There is an extraordinary sense of urgency, energy and focus on building an open finance framework for Canada, and I’m very excited to be joining the OBIC at this time to participate and contribute. As a technology-focused company, Valeyo is committed to working with the industry and its clients to advance the execution of consumer driven finance, and help demonstrate the value and equity it brings to institutions and consumers alike”.
Sara Mazhar, SVP Chief Strategy and Technology Officer at Valeyo
Hear From Our Members
Become an OBIC Member
Our membership is both broad and inclusive, including FinTechs, financial institutions, paytechs, regtechs, emerging industries and international thought leaders. OBIC membership offers each of these groups first-mover status in what will soon be a revolutionary change in the financial services industry. Additional benefits offered have been designed to deepen each members’ engagement and sphere of influence in Canada’s evolving open banking arena.
OBIC’s Manifesto for Open Banking
Open banking is a global movement to empower consumers with control over their financial data. This control gives consumers freedom to share their personal data with third-party companies that can then use that data to provide alternative financial services that make it easier for consumers to move, manage and control their money. This will in turn provide them with greater choice, control and personalized financial services. The concept of open banking is also referenced as Consumer Directed Finance (CDF) in Canada, a suggestion made by the Department of Finance after the first public consultation in January 2019.