Briefing

Big Five banks adopt data-sharing standard for open banking

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The Financial Data Exchange (FDX), a non-profit looking to get fintechs and banks to agree on a data-sharing standard, launched in Canada with 31 financial institutions as partners. (The Logic)

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Talking point: An agreed-upon common standard is a key step to allow open banking in Canada. The FDX’s standard is designed to be secure, interoperable and royalty-free. Fintechs and banks have been clashing about the details of an open banking framework for several years. In May, the federal government’s open banking review was delayed until the fall, a move Borrowell CEO Andrew Graham described as “worrying.” Some Canadian fintechs, including Flinks and Koho, have joined the FDX’s consortium. However, it’s executives from RBC and Interac who are joining the board of directors, which also includes U.S. banks. Similarly, TD and Interac execs will co-chair the working group of Canadian members.