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Bankers backing digital revolution

The Canadian Bankers Association (CBA) is calling for the creation of a digital identification system utilizing such technologies as biometrics and blockchain.

CBA’s chief executive, Neil Parmenter, says moving away from a paper-based, face-to-face process towards this type of identification system will “unlock the full potential” of the digital revolution, reports The Globe and Mail.

Canada’s Department of Finance is also undergoing consultation with the public on the merits of “open banking,” which would allow customers to securely share data held by their financial institutions with third parties such as fintechs. This will enhance, for example, the moving of money between accounts held at different institutions, The Globe reports. ◊