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

Open Banking has seen implementations globally and Open Banking in Canada is heating up. Many stakeholders and stakeholder groups have formed and evolved their perspective on what it means to potentially bring Consumer-Directed Finance to Canada. But, how does this translate from one group to another? What is the State of the Union?

• 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

• U.K. Regulations applying APIs across the 9 biggest financial institutions
• Privacy and data/information security
• Prescriptive versus principle-based approaches
• Impact to date
• Data portability as a new right under Europe’s General Data Protection Regulation (GDPR)
• What can Canada learn from the U.K’s experience
• 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

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