It's about time. When I learned that applications like YNAB (You Need A Budget) use services like Plaid to connect to my bank account, and that these services literally take my username and password and impersonate me to get my banking data, I was a little sketched out. I use YNAB every day, and having it connected to my bank account is incredibly useful, but if something goes wrong and Plaid loses my money somehow, is there any recourse?
Hopefully individuals will be able to use the Open Banking APIs to access their own data directly, but it looks like accreditation will be required, so probably not.
Hopefully individuals will be able to use the Open Banking APIs to access their own data directly, but it looks like accreditation will be required, so probably not.
Here's the full text of the report: https://www.canada.ca/en/department-finance/programs/consult...