EQ Bank has collaborated with Flinks, an open banking peer, for offering EQ bank consumers the ability to share their financial data in a secured way with third-party FinTech applications of their choice.
EQ Bank is a Canada-based banking institution that strives to provide more value than traditional banks. On the other hand, Flinks is a Quebec-located financial services provider that delivers tools for financial innovation to all sizes of businesses- large and small.
Andrew Moor, President, and CEO, of Equitable Bank, stated, “This announcement marks an important milestone in the evolution of the long partnership between Flinks and EQ Bank. Our two companies have long been philosophically aligned in believing that open banking can bring broad benefits to Canadian society. We work closely together to engage with government and industry groups to try to bring open banking to life in Canada and are delighted to deliver against that priority and bring innovative services to our customers to give them more control over their financial lives and their data.”
EQ Bank to get a framework that will enable it to deliver flexible open banking features by being integrated into Flinks Outbound, an open baking environment of Flinks. This partnership for open banking integration will also allow EQ Bank to launch and operate new API data sharing methods and also offer significant new data management capabilities to the bank. Consumers of EQ Bank who give complete consent will be able to see what data they are sharing, with whom, and for how long.
Cathy Ly, Vice President, Customer Experience, Digital Banking, Equitable Bank, commented, “Many of our customers have been asking for more seamless ways to share data with their other financial apps, and we’re excited to be able to act on their feedback through this partnership with Flinks. Just as important, however, are those customers who have not asked about data sharing because they are unaware of the benefits that can come from it. We’re looking forward to reinventing how customers engage with EQ Bank and their financial data through open banking.”
Read: Open Banking Introduces New Dimensions of Banking Services
