The Financial Post reports in its Wednesday edition that Ottawa plans to introduce legislation for open banking as soon as possible, despite concerns that progress is slowing. A Canadian Press dispatch to the Post reports that open banking would enable Canadians and businesses to securely share their financial data with third parties, allowing users to access a comprehensive view of their finances across multiple banks. Additionally, it could help renters improve their credit scores by reporting on-time rent payments. Other countries have implemented open banking systems and the federal Liberals passed initial legislation last year to break ground on open banking in Canada. However, getting to that point -- and keeping up the pressure to get the second half of that legislation tabled -- has been "a slog," Fintechs Canada executive director Alex Vronces said. "I don't think the government at first understood really what consumer-driven banking was," he said. After years of study, Ottawa got the ball rolling on open banking through the legislation to implement the 2024 federal budget about a year ago. That bill gave the Financial Consumer Agency of Canada a mandate to head up the country's open banking framework.