Open banking is not available in Canada yet . This means that there's currently no secure system in Canada to safely share financial data from your bank account with fintechs other than your bank.

However, a significant amount of financial data is already being shared through technological workarounds used by fintech apps. One of the most common methods fintech apps use to access financial data is called screen scraping.

Screen scraping is different from open banking because you have to share your online banking username and password. This is a problem because sharing your username and password could break your electronic access agreement with your bank and put you at risk.

Fintech apps that use screen scraping might allow you to access similar products and services as those available with open banking. However, they present security, liability, and privacy risks for you.

A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives.

Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, including who they share it with, in what’s known as open banking.

The federal government has promised framework legislation in next month’s budget to bring the system to Canada after years of kicking the possibility down the road.

Evangelists for the open banking shift underway globally praise it as a way to boost competition, dramatically shift how payments are made and overall move to a more people-oriented financial system.

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