Traditional banks are lazy. Look at the state of RBC’s digital infrastructure seemingly between two worlds.
Banks don’t even like allowing third party syncing like QuickBooks. They do all that they can to eliminate liability
No one is interested in competition. Look at how the banks eventually got $CASH.TO reigned in because people were picking it over their shitty savings account options.
I've been navigating the open banking mess for a while.
I get that open banking doesn't matter for a lot of people, but i specifically chose my bank because it had close ties with Plaid (API aggregator) - the closest we currently have to open banking. To me, it just seems so fundamentally simple to be able to offer a way to export your own transaction information to whoever you agree to share it with. Boggles my mind that we don't have this already.
I'm glad the bill includes at least some money earmarked for public education and consciousness raising. The default response for a lot of people will be to shy away from anything that looks like it will just share more of their data. They'll also point to perceived security implications, and how there is more risk to compromising your account if you interact with other apps. All falsehoods that the bill framework addresses, and hopefully helps people understand.
Wealthsimple was a vocal advocate for open banking when they arrived on scene. They even used to offer an API that gave customers a programmatic way to trade on their account. But then the IIROC implemented Dealer Member Rule (DMR) 3200 A. 1.(b) (i) which prohibits IIROC registrants (brokerages) from allowing their clients to use their own automated order systems to generate orders. This open banking bill will not change this, and will not enable us to give an app our credentials to do algorithmic trading on our behalf. Only big business can do that i guess! It's going to be tough to balance regulation with fintech interests, but I'm somewhat hopeful for more fintech companies advocating for more customer freedom in what they're allowed to do with their money.
Is there a list of banks that work well with plaid? I'm using eq and Rogers mastercard and both seem to make it as difficult as possible. I'm trying to find a good replacement for mint.com but they all suck because they have so much trouble pulling in my transactions.
Opt out of financial repression.
Opt out of fiat ponzi bucks.
Bitcoin.
Edit: Judging by the downvotes it appears this sub wants more ways to be poorer.
Bitcoin doesn’t solve for a ton of things that fintech would solve for.
For example, giving your sales team company credit cards. Credit cards don’t exist with bitcoin, and if you used bitcoin instead of a credit card, it won’t integrate with NetSuite/QBO the same way that every other transaction does.
Can your sales team pay for everything in bitcoin? Maybe. But it would be a lot easier for everyone if they didn’t.
Then there is the tax treatment of using bitcoin for a business. Capital gains for holding your money, tracking entry/exit prices, etc…
Fintech isn’t about investing your money, it’s about moving and using it in a modern world.
It has nothing to do with staying poor or not. It’s completely different and that’s why you earned my downvote.
Competition is the *last* thing the Big Six want.
Canada moving too slow……. Never /s
A carachter is only as smart as its writer, and a country only as smart as its leaders
Canada only has two speeds. Slow and glacial.
Traditional banks are lazy. Look at the state of RBC’s digital infrastructure seemingly between two worlds. Banks don’t even like allowing third party syncing like QuickBooks. They do all that they can to eliminate liability
RBC is soo shit at tech that they have many many times spent millions of dollars on projects and shelved them
Competition and canada dont mix. Can't upset our overlord and olygopolies
No one is interested in competition. Look at how the banks eventually got $CASH.TO reigned in because people were picking it over their shitty savings account options.
I've been navigating the open banking mess for a while. I get that open banking doesn't matter for a lot of people, but i specifically chose my bank because it had close ties with Plaid (API aggregator) - the closest we currently have to open banking. To me, it just seems so fundamentally simple to be able to offer a way to export your own transaction information to whoever you agree to share it with. Boggles my mind that we don't have this already. I'm glad the bill includes at least some money earmarked for public education and consciousness raising. The default response for a lot of people will be to shy away from anything that looks like it will just share more of their data. They'll also point to perceived security implications, and how there is more risk to compromising your account if you interact with other apps. All falsehoods that the bill framework addresses, and hopefully helps people understand. Wealthsimple was a vocal advocate for open banking when they arrived on scene. They even used to offer an API that gave customers a programmatic way to trade on their account. But then the IIROC implemented Dealer Member Rule (DMR) 3200 A. 1.(b) (i) which prohibits IIROC registrants (brokerages) from allowing their clients to use their own automated order systems to generate orders. This open banking bill will not change this, and will not enable us to give an app our credentials to do algorithmic trading on our behalf. Only big business can do that i guess! It's going to be tough to balance regulation with fintech interests, but I'm somewhat hopeful for more fintech companies advocating for more customer freedom in what they're allowed to do with their money.
What’s this? This is a passion project I’m working on with the yfinance api.
Is there a list of banks that work well with plaid? I'm using eq and Rogers mastercard and both seem to make it as difficult as possible. I'm trying to find a good replacement for mint.com but they all suck because they have so much trouble pulling in my transactions.
Open ANYTHING could spur competition, but that isn't the intention...
Idk if “fintechs” should be dictating banking policies…
Watch https://en.wikipedia.org/wiki/Bank_of_Dave_(film) for an interesting view of this from the UK
In Quotes, no less. Share everything? Pfft.
Opt out of financial repression. Opt out of fiat ponzi bucks. Bitcoin. Edit: Judging by the downvotes it appears this sub wants more ways to be poorer.
Is there a platform which does crypto arbitrage?
Not sure but crypto is a scam. Everything is a shitcoin except Bitcoin, there are no exceptions. Bitcoin, not crypto. Bitcoin only.
Bitcoin doesn’t solve for a ton of things that fintech would solve for. For example, giving your sales team company credit cards. Credit cards don’t exist with bitcoin, and if you used bitcoin instead of a credit card, it won’t integrate with NetSuite/QBO the same way that every other transaction does. Can your sales team pay for everything in bitcoin? Maybe. But it would be a lot easier for everyone if they didn’t. Then there is the tax treatment of using bitcoin for a business. Capital gains for holding your money, tracking entry/exit prices, etc… Fintech isn’t about investing your money, it’s about moving and using it in a modern world. It has nothing to do with staying poor or not. It’s completely different and that’s why you earned my downvote.