Open banking could spur competition, but fintechs say Canada’s moving too slowly

Open banking could spur competition, but fintechs say Canada’s moving too slowly

Federal efforts to bring “open banking” to Canada are being welcomed by players in the industry — but there’s also criticism that, after years of waiting, any changes may not come fast enough to encourage innovation or allow smaller financial players compete with larger institutions. Open banking lets consumers or business customers share personal and financial information between approved banks and other … Read more

Deal to lower Visa, Mastercard processing fees will come up short for many retailers, critics say

Deal to lower Visa, Mastercard processing fees will come up short for many retailers, critics say

The federal government says it has hammered out the final details with Visa and Mastercard to lower credit card transaction fees for merchants, but small business advocates say the deal doesn’t go nearly far enough. The deal concerns what is called an interchange fee, also known as a “swipe fee,” which sets aside a percentage … Read more