Data-Sharing Frameworks In Financial Services: Discussing Open Banking Regulation for Canada

Markos Zachariadis
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引用次数: 4

Abstract

Data-sharing frameworks in financial services are becoming increasingly prevalent with the potential to shape drastically the future of banking and finance. As data assets are of strategic importance to financial institutions and central to their ‘datafication’ and digital transformation processes, sharing and accessing new data can alter the dynamics of competition and lead to the emergence of new players as well as nascent markets. Innovative technologies such as application programming interfaces (APIs) can help simplify data communication between systems and thus standardize the exchange of information between organizations allowing them to experiment with new, more open, business models. APIs also give the ability to effectively control openness and orchestrate ecosystems of third-parties that can add value to organizations’ supply chain and end users. Having said that, the deployment of open APIs in financial services raises numerous questions regarding the appropriate regulatory (or not) framework and infrastructure for opening up data in the banking sector.

The current paper examines the potential for an open banking framework in the Canadian market and makes an effort to identify the regulatory, economic, technological, sociological, and political debates in the industry concerning data openness. During the course of the study there was consensus from participants that discussing the “merits of open banking” or opportunities that it will bring is an outdated topic and instead the discussions should focus on the real issues and ‘pain-points’ around open banking implementation in Canada. Following a good number of interviews with FinTechs, challenger and incumbent banks, regulators, legal experts, consultants, and financial services professionals (in various part of the business as well as IT) in the Canadian market, the paper outlines a number of themes and frictions that the industry as well as policy-makers in Canada should consider when implementing an open banking framework. We believe that the findings can be generalized and be useful for practitioners and regulators around the world when exploring similar frameworks.

The paper starts with an introduction to data-sharing and open finance providing some workable definitions and comparing the relevant technologies in place. In this section we also clear various misunderstandings around ‘open banking’. The following section provides a brief description of the most popular open banking paradigms around the world: UK, EU, and Australia before we move to the Canadian context. The main findings section is organized in four parts discussing a) the objectives of open banking in Canada and whether a potential scheme should be policy-mandated or market-driven, b) the relevant regulatory issues such as liability and related data-privacy laws, c) the key debates and tensions when designing the data-sharing infrastructure (such as data openness, digital identity, security, API and data standards), and finally d) the relevant concerns and participant goals around identification of third-parties and access to the national payments infrastructure. The paper concludes with some insights from previous research on the impact of open banking on the market structure and business models in banking.
金融服务中的数据共享框架:讨论加拿大的开放式银行监管
金融服务领域的数据共享框架正变得越来越普遍,有可能彻底改变银行业和金融业的未来。由于数据资产对金融机构具有战略重要性,是其“数据化”和数字化转型过程的核心,共享和访问新数据可以改变竞争动态,并导致新参与者和新兴市场的出现。诸如应用程序编程接口(api)之类的创新技术可以帮助简化系统之间的数据通信,从而使组织之间的信息交换标准化,从而允许他们尝试新的、更开放的业务模型。api还提供了有效控制开放性和协调第三方生态系统的能力,这些第三方生态系统可以为组织的供应链和最终用户增加价值。话虽如此,在金融服务中部署开放api引发了许多关于银行业开放数据的适当(或不适当)监管框架和基础设施的问题。本文考察了加拿大市场开放银行框架的潜力,并努力确定行业中有关数据开放的监管、经济、技术、社会学和政治辩论。在研究过程中,参与者一致认为讨论“开放银行的优点”或它将带来的机会是一个过时的话题,相反,讨论应该集中在加拿大开放银行实施的实际问题和“痛点”上。在对加拿大市场的金融科技公司、挑战者和现任银行、监管机构、法律专家、顾问和金融服务专业人士(在业务和IT的各个部分)进行了大量采访后,本文概述了行业以及加拿大政策制定者在实施开放式银行框架时应该考虑的一些主题和摩擦。我们相信,这些发现可以推广,并在探索类似框架时对世界各地的从业者和监管机构有用。本文首先介绍了数据共享和开放金融,给出了一些可行的定义,并对相关技术进行了比较。在本节中,我们还澄清了围绕“开放银行”的各种误解。下面的部分简要介绍了世界上最流行的开放银行模式:英国、欧盟和澳大利亚,然后再转到加拿大。主要调查结果部分分为四个部分,讨论a)加拿大开放银行的目标,以及潜在方案是应该由政策强制还是市场驱动;b)相关监管问题,如责任和相关数据隐私法;c)设计数据共享基础设施时的关键争论和紧张关系(如数据开放、数字身份、安全、API和数据标准)。最后d)有关第三方识别和国家支付基础设施访问的相关问题和参与者目标。本文总结了以往关于开放银行对银行业市场结构和商业模式影响的研究成果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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