In Canada, your financial data is not legally yours. The de facto answer as to who owns the data is, however, increasingly, the consumer. The following questions emerge:

• How does data protection law define the nature and scope of a person’s interest in their personal information
• How GDRP and reform of PIPEDA would expand or enhance interests individuals have in their personal information
• The right to erasure
• How the right of data portability will enhance the ability to bring data together for analysis and provide new tools and services
• How open banking will enhance the interest that individuals have in their personal financial information
• What are the risks?
• How does a consumer authorize or de-authorize use of personal information
• How should consumers be educated to understand what they are consenting to
• Who should be educating the consumer?
• Should consent be standardized
• How narrowly should governments define open banking?
• Is Open Banking just one aspect of a broader open data policy? 

• Will regulatory winds shift?
• Encouraging verses requiring open banking
• The hunt for global interoperability and global standards in an unregulated industry
• Developing and implementing a financial industry standard for secure data sharing
• Empowering consumers by putting more control in their hands over when or how their personal or financial data is shared,
• Consumer-permissioned data sharing

Many stakeholders have formed and evolved their perspective on what it means to bring Open Banking to Canada. However, not all stakeholders are equally represented. This session brings together two winning teams from North America’s First Open Banking Case Competition to voice the concerns of underrepresented consumer groups on topics including:

• The status of Open Banking in Canada
• Why diversity, equity and inclusion should be at the forefront when thinking of open banking in Canada
• The consumer lens behind open banking, with a focus on inclusive innovation in Canada’s open banking implementation
• Ideas and viewpoints from the Future Leaders

• The importance of collaboration in building an ecosystem approach to digital identity and securing the “lifecycle of credentials.”
• Addressing the growing demand for identity verification and authentication, as highlighted through SecureKey’s Verified.Me service.
• Strengthening relationships between organizations and their customers through enhanced trust, speed, convenience, control and consent.
• The need for strong security protocols to protect personal information from being identified, accessed or misused.
• Leveraging blockchain technology to securely and privately transfer personal information, in order to provide consumers with access to the services they want

Bill C-11, An Act to enact the Consumer Privacy Protection Act (“CPPA”) and the Personal Information and Data Protection Tribunal Act (also known as the Digital Charter Implementation Act), is Canada’s first attempt since the coming-into-force of the Personal Information Protection and Electronic Documents Act (“PIPEDA”) over 15 years ago, to modernize, strengthen, and clarify Canada’s approach to privacy law. This session will look at the merits and limitations of the proposed legislation. Does it go far enough in modernizing Canadian privacy law to make it appropriate for contemporary technology such as Open Banking?

This session will provide a lens to better understand the drivers behind Open Banking, and how those drivers ultimately affect the solution architecture. We will cover the approach to Open Banking architecture across different regions and markets, and discuss the advantages and disadvantages of these strategies. As we drill-down on the technology, we will discuss how API gateways and microservices fit into a comprehensive architectural solution, and how the emergence of the service mesh provides a foundation for a future-ready, optimal Open Banking architecture.

• The rise of the API as the pipeline that powers Open Banking
• A comparison of Open Banking architecture approaches across markets and regions
• The role of API gateways and microservices in implementing an Open Banking architecture
• The emergence of the service mesh as a foundation for a future-ready, optimal architecture
• How the nature of architecture is changing, and why Open Banking will drive those changes