OTTAWA, ON–The CIO Strategy Council announced a new National Standard of Canada on consumer directed finance. CAN/CIOSC 110-1: 2022 specifies minimum requirements for planning, designing, developing, implementing, maintaining, and improving the customer experience surrounding access to customer banking, transaction, and other financial data from bank and non-bank financial institutions.
The 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.
“This document is the result of careful collaboration among experts in the banking and financial sector in Canada and abroad, in order to pen standards that, if duly followed, protect Canadians who use financial services products, without stifling innovation in the market. Until a formal legal and regulatory framework is in place for open banking/finance in Canada, I hope this can be of help for businesses looking to maintain best practices for consumer-directed finance, and for informing the public about what they might expect from their financial services providers,” said Cindy Zhang, Financial Services Regulatory Lawyer at BLG, and serves as Advisor to the Board of Open Finance Network Canada (OFNC – formerly OBIC).
“The CIO Strategy Council is proud to announce the publication of this core strategic standard for Canada. We were able to bring key stakeholders together at one table, including voices from banks, both large and small, credit unions, fintechs, policymakers, global experts and consumers. The standard aims to distill all of these perspectives into a simple, proven set of guidelines that if applied will help Canadian organizations enter the open banking arena squarely focused on customer needs,” added Darryl Kingston, Senior Director of Standards, CIO Strategy Council
The standard is publicly available on the CIO Strategy Council website.
About the 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 propel Canada as a digital-first nation. The CIO Strategy Council is accredited by the Standards Council of Canada and develops standards that support the data-driven economy.
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