Understanding Open Finance in the U.S. and Canada: Architecture and Ecosystems

What is Open Finance, how its architecture works in both countries and what it means for the future of the financial industry.
07 August 2024
Portrait of Bruno Tinoco in a dark blazer and checked shirt.
Connect with Bruno Tinoco at GFT.
Bruno Tinoco
Business Development Senior Architect, GFT USA
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Recently, Open Finance has gained significant prominence in the financial sectors within both the U.S. and Canada.

The concept of Open Finance

Two businessmen engaged in a discussion, one holding a tablet, in a modern office with large windows and greenery.
Two professionals having a business discussion in a contemporary office setting. One man holds a tablet, emphasizing technology use in modern workplaces. The background features large windows and indoor plants, creating a bright and professional atmosphere.
Woman in a white shirt working on a computer with dual monitors displaying various data charts and graphs in a bright office.
A professional woman analyzes data on dual monitors in a bright, modern office. The screens display detailed charts and graphs, highlighting the use of advanced analytics and technology in data-driven decision-making. The workspace is organized and well-lit, enhancing productivity.
Two colleagues collaborating on a project, with a woman pointing at a laptop screen and a man smiling, seated at a desk in a modern office.
Two professionals engaged in collaborative teamwork in a modern office. A woman points at a laptop screen while a man smiles, emphasizing effective communication and cooperation in the workplace. The workspace is filled with documents and office supplies, highlighting a productive environment.

Open Finance Architecture

Open Finance Ecosystems

U.S.

Canada

Benefits for Financial Institutions

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