The federal government says it will introduce legislation to implement open banking at its “earliest opportunity” as some advocates warn the project’s momentum may have stalled. Open banking — or consumer-driven banking, as Ottawa calls it — is about allowing Canadians and businesses to securely share their financial data with third parties other than their
Citizens has spent more than two years working on its open banking strategy.Alex Kent/Bloomberg The Trump administration is doing away with a regulation designed to promote data sharing between banks and third parties. But for Citizens Financial, the move isn’t hindering its bullishness on the broader concept. “This doesn’t change our strategy,” Eric McCabe, Citizens’
Wollette announces the upcoming launch of its revolutionary payment experience, set to go live in Q4 2025 LONDON, June 16, 2025–(BUSINESS WIRE)–Wollette, the British technology company redefining commerce, payments, and consumer engagement, today announces WollettePay – a bold new way to pay. Designed to combine the speed of one-tap checkout with the power of open
The banking sector is undergoing a transformative revolution largely driven by the rapid rise of financial technology, commonly known as fintech. Fintech companies leverage cutting-edge technologies, such as artificial intelligence, blockchain, cloud computing, and big data analytics, to offer innovative financial products and services. This digital disruption has challenged the traditional banking model, which has
The Consumer Financial Protection Bureau has asked a federal court to vacate its own open banking rule because it believes the rule exceeds the bureau’s authority and is arbitrary and capricious in its scope. In a motion for summary judgment filed Friday evening in the U.S. District Court for the Eastern District of Kentucky, the
Anyone who has attempted to import multiple sets of data into a spreadsheet knows how important it is for shared datasets to have common formatting standards. What’s true for Microsoft Excel is even more true for bank account information. The Consumer Financial Protection Bureau had finalized an open banking rule that would mandate the sharing
The concept of open banking, or financial data sharing between banks and fintechs, comes with a number of security concerns. What if an application programming interface — a tunnel through which data passes from one application to another — is compromised? What if data stored at a fintech or data aggregator gets hacked? The Consumer
If you asked the average person on the street if they would like their bank account data to be treated in the same way as data on Instagram or Facebook — that is, shared with advertisers, vendors and service providers — the response would be a resounding: “No! Absolutely not!” Yet every day, millions of
Once a foundation of economic development, Bangladesh’s banking industry is on the verge of becoming its Achilles heel. Crushing non-performing loans (NPLs), poor governance, and stagnant innovation undermine confidence, limit credit expansion, and threaten financial stability. If dramatic changes are not sought, the country may lose one of its main tools for maintaining long-term economic
If a business wants to let a software program consume its banking data, it typically needs to go through a long series of processes, involving extensive paperwork and implementation, to do so. Citizens Bank is removing this pain point for its commercial customers by including them in the bank’s recently-launched open banking software. The trend