Competition Watchdog Recommends ‘Open Banking’ to Give Customers More Options

Commissioner of Competition Matthew Boswell speaks at Canada's Competition Summit hosted by the Competition Bureau Canada in Ottawa on Oct. 5, 2023. The Canadian Press/Sean Kilpatrick

Canada’s Competition Bureau has recommended the federal government develop an “open banking” framework to improve customer service and boost competition in the banking sector.

The Department of Finance should “swiftly adopt a consumer-driven banking framework,” the bureau said in a March 21 news release.