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A long-awaited change to Canadian banking is coming (globalnews.ca)
submitted 3 months ago* (last edited 3 months ago) by avidamoeba@lemmy.ca to c/canada@lemmy.ca
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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! 🀭

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[-] deelayman@lemmy.ca 5 points 3 months ago

The problem is Plaid et al are forced to scrape webpages because banks dont offer an alternative. Banks currently hold the user liable for sharing their password if theres a breach, but this new open banking legislation will shift that liability to plaid/third parties.

this post was submitted on 13 Mar 2024
54 points (96.6% liked)

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