54
A long-awaited change to Canadian banking is coming (globalnews.ca)
submitted 2 years ago* by to c/canada@lemmy.ca
17 comments fedilink hide all child comments
 

Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.

Ah yes, finally what we've been missing in our financial system! 🤭

you are viewing a single comment's thread
view the rest of the comments
[–] [S] 7 points 2 years ago* (1 child)

That was my impression too. Banks don't have such APIs and it seems like they're regulated not to. Terrible, insecure smoke and mirrors. This is why I never gave my credentials to any such company. If I have them my credentials, then they would be me.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 1 point 2 years ago

    The regulation is the IIROC Dealer Member Rule (DMR) 3200 A. 1.(b) (i) which prohibits IIROC registrants (brokerages) from allowing their clients to use their own automated order systems to generate orders. So just clarifying that its not illegal because it's unsafe, just that they dont want us to give an app our credentials that does algorithmic trading on our behalf. Their reasons, i dont know.

  • permalink
  • fedilink
  • source
  • parent