Raidiam joins Canada’s Open Finance Network

Open Finance Network of Canada added Raidiam as a new member as Canada moves toward a formal open banking framework. The move brings global trust-framework expertise into the group’s push for secure, consumer-directed data sharing for Canadians and small businesses.

Why it matters: - Raidiam’s membership adds international trust-framework experience to Canada’s open banking and open finance discussions. - OFNC is aiming to shape rules for secure, consumer-directed data access for Canadians and SMEs. - The partnership comes as Canada moves closer to a formal open banking framework.

What happened: - Open Finance Network of Canada announced that Raidiam has joined as its newest member. - OFNC is based in Toronto and works to advocate for data rights and open finance policies. - Raidiam focuses on trust framework technology and open data ecosystem implementation.

The details: - Raidiam has experience building secure, consent-based data sharing networks. - The company also has experience architecting open finance frameworks worldwide. - OFNC said it wants to work with Raidiam and other members to advocate for responsible data sharing and ecosystem innovation. - OFNC said the goal is to give Canadian consumers and SMEs greater control over their financial data. - Michelle Beyo, president of OFNC, said the network welcomes Raidiam’s global perspective and wants to work with members to advocate for secure, consumer-directed data access. - Barry O’Donohoe, CEO of Raidiam, said the company is excited to join OFNC and share lessons from running trust frameworks around the world. - O’Donohoe said secure trust frameworks are the foundation for innovation that scales.

Between the lines: - The membership signals that Canada’s open finance debate is drawing in firms with experience from other markets. - OFNC is positioning itself as a coalition of financial institutions, fintechs, wealth providers and technology firms. - The group is framing open finance as both a consumer-rights issue and an innovation issue.

What’s next: - OFNC said it will continue working with members to advocate for an inclusive, innovation-friendly and secure open finance ecosystem. - The network expects to keep pushing for responsible data sharing as Canada advances toward open banking. - OFNC also points readers to its whitepaper, Unlocking Financial Health with Open Finance, for more context. - Raidiam directs readers to more information about its work.

The bottom line: - Raidiam’s entry strengthens OFNC’s effort to influence how Canada builds its open banking and open finance system.