My take on Open Banking Citation FP —————————————– The Canadian Press – Ian Bickis – Published – Mar 11, 2024  Framework to give Canadians more control over their financial data and boost competition TORONTO — A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives. Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, including who they share it with, in what’s known as open banking. The federal government has promised framework legislation in next month’s budget to bring the system to Canada after years of … Continue reading Open banking is coming, heralding big changes in how Canadians bank

John Turley-Ewart: The challenge isn’t only about protecting customer data; it’s about safeguarding people’s savings Open Banking Risk Open Banking is a solid and appropriate method for consumers to manage their risks, and maximise deposit returns. However as the US Synapse example below in yesterday’s Financial Post the risks at scale are significant and consumers must be diligent in moving to another FI to achieve returns. The consumer facing methodology is arcane and difficult to navigate when validating regulatory protections. I also note that Turkey-Ewart has somewhat fallen to trap of mixing Open Banking with advertising. Open Banking is intended … Continue reading Open banking needs better risk controls to ensure fintechs keep your money safe

U.S. Clears Way for Antitrust Inquiries of Nvidia, Microsoft and OpenAI The Justice Department and the Federal Trade Commission agreed to divide responsibility for investigating three major players in the artificial intelligence industry The Federal Trade Commission will be primarily responsible for examining Microsoft’s and OpenAI’s conduct in the artificial intelligence industry. Grant Hindsley for The New York Times By David McCabe Reporting from Washington June 5, 2024 Federal regulators have reached a deal that allows them to proceed with antitrust investigations into the dominant roles that Microsoft, OpenAI and Nvidia play in the artificial intelligence industry, in the strongest … Continue reading U.S. Clears Way for Antitrust Inquiries of Nvidia, Microsoft and OpenAI