The Globe and Mail reports in its Monday edition that change is in the works that will give Canadian consumers and businesses significantly more control over their financial data in what is known as open banking. A Canadian Press dispatch to The Globe says that Ottawa has promised framework legislation in next month's budget to bring the system to Canada. Open banking proponents claim it is a way to boost competition, dramatically shift how payments are made and generally move to a more people-oriented financial system in a move they call banking democratization. Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place. Other emerging uses include simpler payments, automated accounting and business finance management. One of the biggest areas of growth is in credit assessments. Under open banking, lenders could directly access an individual's banking data, so they can look beyond credit scores. Consumers can also use it to build their credit scores, for example, by proving reliable rent payments.