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PocketSmith Welcomes Canada's Consumer-Driven Banking Act

By Burstable Editorial Team•
Canada passes Consumer-Driven Banking Act establishing open banking framework. PocketSmith fintech company analyzes impact for household financial management and data accessibility.

TLDR

  • PocketSmith gains an advantage as Canada's new open banking law creates opportunities for fintech companies to offer better financial tools with real-time data access.
  • The Consumer-Driven Banking Act establishes a framework overseen by the Bank of Canada, enabling secure data sharing between banks and third-party providers like PocketSmith.
  • Open banking empowers Canadians with clearer financial visibility, helping families feel more in control during times of economic uncertainty and rising costs.
  • Canada's open banking law addresses a 73% to 0% connection success rate gap among traditional banks, finally catching up to global financial technology standards.
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Burstable Editorial Team

Burstable Editorial Team

@burstable

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