Amid a technological revolution that’s gathered pace in the mortgage industry in recent times – accelerated by the COVID-19 pandemic – some of the most significant strides of late have been toward the possible introduction of an open banking system in Canada.
That idea, which allows third-party financial service providers to access consumer banking through application programming interfaces (APIs), received a significant shot in the arm in August, when federal Finance Minister Chrystia Freeland signalled her openness to working towards a “regulated, made-in-Canada system” following the long-awaited publication of the Advisory Committee on Open Banking’s final report.