ETA Submits Comments to Finance Canada on Open Banking

Advisory Committee Members,

Electronic Transactions Association (“ETA”) submits these comments in response to the invitation for submissions issued by the Department of Finance (the “Department”) in respect of a consultation document: A Review into the Merits of Open Banking (the “Consultation Document”).

ETA is the leading trade association for the payments industry, representing over 500 companies that offer electronic transaction processing products and services.  ETA’s members include financial institutions, mobile payment service providers, data aggregators, mobile wallet providers and non-bank online lenders that make commercial loans to small businesses, either directly or in partnership with other lenders.  ETA member companies are creating innovative offerings in financial services, revolutionizing the way commerce is conducted with safe, convenient and rewarding payment solutions and business lending alternatives.

ETA is dedicated to continuously driving innovation in the payment space and values the importance of a Canadian financial ecosystem whose participants ensure that consumers and businesses are provided with financial products and services that are convenient, secure and reliable. In this regard, ETA commends the Department’s commitment to investigating the merits of open banking through an inclusive process that invites input from the public and other stakeholders and welcomes the opportunity to be part of the dialogue and to working with government, industry participants and other stakeholders to achieve a uniquely Canadian open banking system.

Read the full comments here.