The rollout of Open Banking in Canada is moving in the right direction with a new data access agreement between CIBC and MX, providing CIBC clients with a secure and easy way to share their financial information with third parties.
The agreement between MX and CIBC demonstrates the Canadian banking sector's continual commitment to innovation and will enable modern, digital client experiences.
MX offers open finance APIs to enable companies to do more with financial data. From securely verifying data to enhancing it with the most robust data engine, no one does data like MX.
This partnership between MX and CIBC comes just 2 months after RBC and Plaid announced a data access agreement. The first notable Open Banking deal in Canada occurred in late 2021 when National Bank of Canada acquired controlling interest in the data aggregation platform Flinks.
The expansion of Open Banking In Canada is great for small businesses and individuals. ReInvestWealth uses APIs to connect with financial institutions in Canada. The latest announcements from CIBC and MX ensures more reliable bank connections and higher quality financial data for ReInvestWealth and it's clients.
As open banking in Canada gains momentum, ReInvestWealth is more committed than ever to technological innovation in the cloud accounting industry.
ReInvestWealth provides a free accounting app for Canadian small businesses to start taking advantage of Open Banking and automate their accounting workflows.