As the U.S. prepares to introduce open banking, Canada’s plan stalls

Toka Murphy, owner of RentProof, a program to help tenants build credit while paying their rent, in Toronto on Oct. 6.a new product that allows users to add their rent payments to their credit report. In the midst of a housing affordability crisis, the idea was to give renters the same kind of chance as homeowners to build their

“To me, this is the sort of product that should exist,” he said. “And we need open banking to allow it to exist and to function properly.” The office of Finance Minister Chrystia Freeland confirmed she received a report this year from the lead bureaucrat on the file, Abraham Tachjian, that lays out how to implement open banking. But the office did not have a timeline on when Ms. Freeland would act.

One new startup also trying to solve the problem of getting rent payments on credit reports is RentProof. Founder Toka Murphy said he decided to steer away from screen scraping to verify payments, and instead RentProof works with landlords to either issue receipts or integrate into property management software. However, he said he is hoping he could verify payments through bank accounts in a reliable way once open banking is implemented, since credit firms such as Equifax would prefer it.

The United States has long had a more competitive banking sector, and in recent years new entrants such as cash-sharing app Venmo have changed day-to-day financial transactions. Mr. Chopra made the speech on the 15th anniversary of the collapse of Lehman Brothers, a pivotal moment in the global financial crisis that ensued. He said he believed making the financial system more dynamic would also make it more resilient.But the government has signalled before that it is concerned about moving too fast.

Source: Financial Digest (financialdigest.net)

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