Paramount Commerce supports the Ontario government’s alignment with federal initiatives to innovate the country’s financial markets. Yesterday, the Ontario government endorsed initiatives aimed at establishing a made-in-Canada open banking framework and modernising digital payment tools. These initiatives have the potential to revolutionise the Canadian financial landscape, supporting the country’s growing digital economy.

“Paramount Commerce applauds the Ontario government’s support for ongoing federal initiatives, particularly establishing a made-in-Canada open banking framework and Real-Time Rails. These advancements will pave the way for enhanced accessibility, efficiency, and security in financial transactions,” said Dave Roe, COO at Paramount Commerce. 

Open banking enables secure data sharing among financial institutions and is poised to empower consumers and businesses with greater control over their financial information, enabling improved financial decision-making. Moreover, the implementation of Real-Time Rail—a payment processing system—holds the promise of expediting transactions while providing comprehensive data, thus streamlining the payment process for businesses and consumers alike.

Alex Vronces, the Executive Director of Fintechs Canada, an organization that supports a better future for Canada’s financial sector, recently spoke at the House of Commons of Canada’s Standing Committee on Finance. Paramount Commerce, a proud member of Fintechs Canada, supports the recommendations that Alex highlighted during this address.

“We ask this committee to recommend that the government, one, give Canadians a way to shop around for the best services. Do this by implementing an open banking framework that puts Canadians in control of their financial information. Two, protect Canadians’ sensitive financial information by establishing an independent oversight body that is going to be the referee of the framework, making sure that everyone is following the rules. Three, uphold the integrity of our financial sector. Do this by supporting Payments Canada’s efforts to build a real-time payment system. And four, give Canadians lower-cost, safer, and faster ways to send and receive money. Do this by amending the Canadian Payments Act to include credit unions and payment service providers in Canada’s supervised payment system.” said Alex Vronces, the Executive Director of Fintechs Canada.

Alex further added that while other countries are making their financial sectors work harder for their citizens and small businesses, Canadians continue to wait for a financial sector that works harder for them. Paramount Commerce also believes that the time is now for the necessary governments to introduce and implement these changes as we are lagging behind other countries. At the end of the day, these initiatives will support a robust financial future for businesses and consumers across the nation.