Tired of waiting, Flinks launches its own Open Banking Environment with National Bank
National Bank, Flinks’ majority stakeholder, is the first financial institution to use the product, which was announced during a session at the Open Banking Expo. The platform, Flinks’ first bank-centric product, has been designed to meet the recommendations included in the advisory committee’s final open banking report around consumer data rights, security and scope of access. The report called for the government to introduce the first stage of open banking by 2023, and quickly appoint an open banking lead to oversee its development and implementation. The product release comes a day after former finance minister Bill Morneau advocated for a market-led approach to open banking at the Open Banking Expo. The transaction, which saw National Bank buy out undisclosed investors, gave the bank an 80 percent preferred share equity in the company.