Open banking

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In Budget 2024, the Government of Canada announced its plan for the implementation of consumer-driven banking.

Consumer-driven banking, also known as open banking or consumer-directed finance, refers to frameworks that allow consumers and small businesses to securely transfer their financial data through an application programming interface (API) to approved service providers of their choice. Consumer-driven banking enables consumers to securely use data-driven financial services that can help them better manage their finances and improve their financial outcomes.

Consumer-driven banking may offer many benefits, but it’s important that Canada introduces it in a way that protects consumers.

For more information about the subject, visit this page on the Government of Canada’s website.

A little banking humor!

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Always borrow from pessimists, they won’t expect to get paid back…

Team Margill at ABA Techshow

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For 38 years now, American Bar Association Techshow has has brought together legal professionals and technology. This year, the ABA Techshow will take place at the Hyatt Regency in Chicago from February 14 to the 17th, 2024. Come say say hello to the Margill Team at booth 332 to learn more about how our software can help your law firm with Litigation and Client finance.

 

Criminal interest rate: Canada sets high stakes for high rates

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As it revisits decades-old regulations on what constitutes a criminal interest rate, Canada challenges lenders to remain profitable under substantially tighter margins.

These Regulations are necessary to implement amendments brought by the Budget Implementation Act, 2023, No. 1 to section 347 of the Criminal Code. The amendments will lower the criminal annual rate of interest from the current 60 per cent (effective annual interest rate) to an annual percentage rate (APR) of 35 per cent. They will also narrow the types of agreements and arrangements to which this criminal offence applies. Though not yet in force, the Regulations aim to combat predatory lending practices and reform Canada’s framework for consumer financial protection and regulation.

To read the whole story by Guillaume Talbot-Lachance, Matthew Connors and Kaliopi Dimitrakoudis, follow this link.

Margill in Tunisia

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Ambassador Lorraine Diguer and the team of trade delegates from the Canadian Embassy in Tunisia met with Mr. Marc Gélinas, founding president of the Canadian company Jurismedia inc., his team as well as representatives of their Tunisian partner DevXperts (5Xperts Group). The discussion focussed on opportunities in Tunisia in addition to celebrating success of this excellent collaboration between actors working in the field of information technologies in both countries.

On the picture, you can recognize: third from the left Patrick Bronsard, senior programmer at Margill, Marc Gélinas, Ambassador Lorraine Diguer, Christiane Duguay, programmer, Mario head programmer and Sophie Binette also programmer at Margill.

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