Following this announcement, Everlink and Flinks are expected to provide Firstontario with a secure, efficient, and market-tested service that also aligns with Canada’s new goal to be live with customer-driven banking solutions in 2025.
FirstOntario is currently aiming to provide its suite of clients and users with Open Banking tools in order to give them the possibility to benefit from optimise control over their data and increased security. At the same time, the credit union will offer them the opportunity to leverage advanced analytics that deliver secure services, developed to cater to the evolving demands, needs, and preferences of clients. This tool optimisation is set to be enabled by individuals after working with the suite of products and expertise incorporated by Everlink and Flinks.
More information on the partnership
The strategic priority of FirstOntario lies in the overall optimisation of customer experience, while also remaining compliant with the laws and requirements of the local industry. Open Banking represents an opportunity in the financial services marketspace, as it aims to strengthen the security of its services and improve the overall financial landscape.
Once the Open Banking solution is released, FirstOntario will focus on providing its customers with a competitive advantage in the financial service market.
Following their collaboration, the companies aim to provide FirstOntario will the possibility to launch Flinks’ Open Banking infrastructure product, Outbound, by using the digital solutions offered by Everlink. Included in the advantages provided to financial institutions by this partnership are network size, in-market solutions, optimised security, and future-proof possibilities.
Open Banking in the region of Canada
Open Banking represents a customer-driven banking solution that incorporates frameworks designed to allow clients and businesses to securely transfer their financial information and data to approved service providers, through the use of an application programming interface (API).
In the region of Canada, the federal Department of Finance estimates that 9 million clients currently share their financial data by providing confidential banking credentials and information to service providers. This process is also known as screen-scrapping and aims to raise security, liability, and privacy risks. Open Banking addresses these concerns and also develops a more competitive and accessible financial system marketplace.
At the same time, the federal government also announced back in November 2023 that it plans to deliver an Open Banking framework in the 2024 budget. This process will focus on designing and launching customer-driven banking by 2025. As this project continues, financial institutions are working with providers with a long history of technological deliveries in order to be ready for launch.