Proposed Draft National Standard for Open Finance Issued for Public Review

OTTAWA, MARCH 22. 2022 – The CIO Strategy Council invites stakeholders to provide input on a draft national standard, CAN/CIOSC 110-1, Open Finance – Part 1: Customer Experience. The draft is available for public review until May 23, 2022.

What’s in the Draft Standard

The standard specifies minimum requirements for planning, designing, developing, implementing, maintaining, and improving the customer experience and access to customer banking, transaction, and other financial data from bank and non-bank financial institutions.

“The CIO Strategy Council has long been fundamental to the establishment of core strategic standards in Canada by bringing key stakeholders together at one table. The approach being taken to open finance is no exception, including voices from banks, both large and small, credit unions, fintechs, policymakers and global experts” said Eyal Sivan, Head of Open Banking at Axway. “The standard aims to distill of all these views into a simple, proven set of guidelines that will help Canada enter the open banking arena with strong momentum, squarely focused on customer needs. I strongly encourage all those interested to review the draft standard and contribute.”

This standard is applicable to financial product- and service-related organizations. It is intended for use by any organization regardless of its type or size, or the financial products and/or services it provides, including third-party providers that design products or services to facilitate access to customer banking, transaction, and other financial data from bank and non-bank financial institutions.

The standard includes provisions on design and experience principles, authentication, authorization, consent, and data portability.

Additional Background

CIO Strategy Council Advances National Standards For Consumer Directed Finance

About CIO Strategy Council

The CIO Strategy Council is Canada’s national forum that brings together the country’s most forward-thinking chief information officers and executive technology leaders to collectively mobilize on common digital priorities. Cutting across major sectors of the Canadian economy – public, private, and not for profit – the Council harnesses the collective expertise and action of Canada’s CIOs to accelerate Canada’s digital transformation. In 2019, the Standards Council of Canada accredited the CIO Strategy Council and develops National Standards of Canada supporting the data-driven economy. Learn more at www.ciostrategycouncil.com.

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For media inquiries:

Katie Gibson
Vice President, Strategy and Partnership
CIO Strategy Council
katie.gibson@ciostrategycouncil.com

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