Canadian Open Banking Forum
Explore the Opportunities, Reap the Rewards, Avoid the Risks
April 21 - 22, 2020 · Toronto, Ontario
Day One Program Agenda: Tuesday, April 21, 2020
8:00 - 9:00 Registration and Continental Breakfast
9:00 - 9:15
Welcome and Opening Remarks from the Chair
9:15 - 10:00
The Open Banking Opportunity Index – Where is Canada? Now and Into the Future?
Abhishek Sinha, Ernst & Young – Canada Partner, FSO Advisory
- What do we know about today’s financial services consumers?
- Are consumers clamouring for new services?
- How customer-centric is Canadian banking?
- The millennial outlook and expectations for future demand
- How can we encourage digital adoption?
- The value proposition in Canada compared to other countries
- Need for innovation in law, policy, and technology
10:00 - 10:45
Going Beyond PIPEDA in Support of Open Banking: New Legal Framework for Privacy and Cyber Security
Imran Ahmad, Partner, Blake, Cassels & Graydon LLP
Although Canada has some digital law and policy frameworks in place, they are dated, underdeveloped and insufficient for leading the charge on technological challenges — open banking included. This session will deal with the changes in the law required for open banking.
- Data portability under Europe’s General Data Protection Regulation (GDPR)
- What significant amendments must be made to the Personal Information Protection and Electronic Documents Act (PIPEDA)
- The Digital Charter
10:45 - 11:00 Networking Break
11:00 - 12:00
Customer Authentication, Consent and Control of Personal Information
Greg Wolfond, CEO, SecureKey Technologies Inc.
- Identity management using Verified.Me to keep the customer in control
- Restriction on sharing
- Consent for a specific purpose
- Encrypted information made available in real-time
- Strong security protocols to protect personal information from being identified, accessed or misused
- ISO and global standards to match rules in other jurisdictions
12:00 - 1:00 Luncheon Break
1:00 - 1:45
Standards for Third Party Accreditation
- Open Banking Implementation Entity
- Accreditation for third parties qualified to access and handle customer data
- What standards should be required of third parties?
- Developing consistent standards
- What will the impact be on inclusivity?
1:45 - 2:00 Networking Break
2:00 - 3:00
Open Banking: What Will the Impact of Banks Becoming Platforms Be on Competition in the Financial Sector?
Moderator/Speaker: Alexander Vronces, Policy Analyst, Payments Canada
Shaun Byck, Economist, Payments Canada
Marie-Helene Briere, Competition Law Officer, Competition Bureau of Canada
- Where does open banking fit in the broader context of data, privacy and competition in the digital economy?
- Will large banks that become banking platforms create more competition and level the playing field?
- Or, will banks ultimately give regulators and antitrust practitioners reason to worry about lack of competition?
- Will open banking render the banking sector more or less competitive that it is today?
- Are consumers realizing the full benefits of a competitive environment and new technology?
- Will data portability and interoperability allow comparison shopping, account switching, access to new or improved applications?
- Impact of open banking on security and stability
- Views and expectations of regulators – Do they have the tools they need to ensure competition and manage security risks inherent to open banking
3:00 - 4:00
Learning from Other Jurisdictions – The U.K Model
- U.K. Regulations applying APIs across the 9 biggest financial institutions
- Privacy and information security
- Prescriptive versus principle-based approaches
- Impact to date
- Data portability as a new right under Europe’s General Data Protection Regulation (GDPR)
- Data security measures
- What can Canada learn from the U.K’s experience?
4:00 End of Day One