Symcor Launches COR.CONNECT Suite of Services to Accelerate Open Banking Readiness for Canadian Banks and Fintechs
TORONTO, ON (December 6, 2022) – Symcor, a leading Canadian business solutions provider, announced the launch of COR.CONNECT, a new suite of Open Banking services. With a proven history of providing utility-based solutions for some of the country’s largest organizations, Symcor has established itself as a trusted partner to support and advance Open Banking within Canada.
COR.CONNECT, a robust Open Banking ecosystem, provides unique benefits with its ‘made-in-Canada’ approach. Through secure application programming interfaces (APIs) along with a sturdy consent platform and trust framework, COR.CONNECT enables Canadian financial institutions, credit unions, aggregators and fintechs to exchange data safely and efficiently. Centralized operations, administration and risk management functions ensure that all stakeholders can benefit from common rules, including user experience, consent and risk terms. Working with entities like FDX Canada further enables the establishment of technical standards by leveraging holistic input from industry participants.
“Over the past few years, Symcor has been working actively with stakeholders across the industry to design and launch a comprehensive ‘made-in-Canada’ Open Banking solution. Through COR.CONNECT, we aim to enrich consumers’ digital experiences and enable all industry stakeholders to realize the full potential of Open Banking at pace,” says Saba Shariff, Head, New Product Development & Corporate Strategy at Symcor.
Symcor’s COR.CONNECT offers a comprehensive range of support for both data providers and data recipients. Including essential features such as onboarding assistance, a rich consent management platform and third-party monitoring and oversight, data providers can efficiently share consumer data safely with trusted third-party recipients. Symcor’s consent platform empowers consumers to control their data rights, including the ability to manage who can access their data, the duration for access and which subsets are accessible.
Utilizing Symcor’s broad operational scale, data recipients will benefit from a faster way to connect to data providers as a secure alternative to the riskier method of screen scraping. Without the incumbrances of constructing individual contract agreements and managing providers at different stages of Open Banking readiness, data recipients can remain focused on delivering innovative services to their customers.
Developed in close collaboration with Microsoft and Cloudentity, COR.CONNECT leverages Microsoft Azure’s cloud platform capabilities, ensuring scalability and availability to meet the requirements of an Open Banking network in Canada. Cloudentity’s authorization solution powers the security and identity controls required to safely enable the flow of data across the Open Banking ecosystem.
“Supporting the growth of Canada’s Open Banking future is a natural fit for Symcor. Our extensive 26-year history has been focused on creating trusted, utility-based solutions that solve industry-wide needs. We are very pleased to extend that expertise to Open Banking by providing scalable and cost-effective services through COR.CONNECT,” says Chameli Naraine, President & CEO at Symcor.
As Open Banking gains momentum, the necessity for a hybrid, ‘made-in-Canada’ solution has been identified as an essential factor for long term sustainable success. With a unique combination of agility and proven security protocols, Symcor’s COR.CONNECT provides the optimal balance to accelerate and propel Open Banking readiness and adoption within Canada.