Series of standards on consumer directed finance (Open Banking)

Standards Development Organisation:

CIOSC

Contact Information:

Digital Governance Standards Institute (DGSI)

Working Program:

View the CIO SC work program

Designation Number:

CAN/CIOSC 110-x

Standard Type:

National Standard of Canada - Domestic

Standard Development Activity:

New Standard

ICS code(s):

03.060

35.020

35.030

Status:

Proceeding to development

SDO Comment Period Start Date:

2021-01-06

SDO Comment Period End Date:

2021-01-27

Posted On:

2020-12-18

Scope:

This proposed series of standards aim to specify the minimum requirements for consumer directed finance (Open Banking) Considerations are given to: • Application of strong consumer authentication procedures; • Protection of the confidentiality and the integrity of the payment service user's personalised security credentials; and • Establishment of communication frameworks between account servicing payment service providers, payment initiation service providers, account information service providers, payers, payees and other payment service providers

Project need:

Enabling individuals and organizations to share their personal financial data with trusted third parties has a potential to deliver to reshape the financial landscape and offer a variety of innovations and improvements. However, this process is not without its inherent risks. Increasing the access to the sensitive data without proper safeguards, guidance and frameworks, can also introduce new risks to the financial system, erasing any gains that innovation could offer.

Note: The information provided above was obtained by the Standards Council of Canada (SCC) and is provided as part of a centralized, transparent notification system for new standards development. The system allows SCC-accredited Standards Development Organizations (SDOs), and members of the public, to be informed of new work in Canadian standards development, and allows SCC-accredited SDOs to identify and resolve potential duplication of standards and effort.

Individual SDOs are responsible for the content and accuracy of the information presented here. The text is presented in the language in which it was provided to SCC.