this post was submitted on 13 Mar 2024
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Personal Finance Canada

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cross-posted from: https://lemmy.ca/post/17302131

A long-awaited change to Canadian banking is coming

Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.

Ah yes, finally what we've been missing in our financial system! 🤭

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[–] [email protected] 2 points 6 months ago* (last edited 6 months ago)

Open Banking is cool but Canada needs a federally owned instant payment/transfer system like everyone else is doing, yes even the US, and no Interac doesn't cut it.