Office

Toronto

Date

April 25, 2018

Time of event

Midday

Open Banking is an emerging term in financial services/financial technology that refers, among other things, to the use of open application programming interfaces (“APIs“), to enable third party developers to build applications and services around a financial institution. “Open banking” essentially allows third parties such as retailers, fintechs, and others to use bank customers’ data — with customers’ permission — to offer tailored products and services.

The move toward open banking is being driven by Europe-wide regulation, which come into force in 2018 and which require banks to make customer data accessible. This regulation has the potential to radically change the face of banking by allowing merchants, technology companies and other groups to provide financial services, potentially through collaboration with established banks behind the scenes. Canada has now begun to explore the role of open banking on its own financial ecosystem.

Join our Cybersecurity, Privacy & Data Management and Fintech groups as we examine what the global trend to open banking means for financial institutions, Fintechs, and companies seeking to access consumer financial data.

For further information please contact [email protected].