🕸️ Open Banking Update in Summer

While open banking rule-making is progressing slowly in the US and Canada, the market continues to develop on its own throughout the summer.

👉 MasterCard added a suite of open banking technology partners in its Engage partner platform.

These providers will partner with MasterCard to help financial institutions and fintech develop payment and lending products.

Specifically, these partners enable or resell the payments/lending services from Finicity, the data aggregator MasterCard acquired in 2020.

👉 RBC reached partnerships with Plaid and Yodlee.

This private application of open banking allows RBC customers to access 7,500 third-party applications via the data aggregators.

👉 EQ Bank in Canada partners with the Canadian data aggregator Flinks to deliver open banking.

Consumer Sentiment

Canada’s Globe and Mail recently published a report on Open Banking. The readers’ comments show the trend has not built a connection with consumers yet.

Many consumers are still doubtful - with data security and privacy as top concerns.

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