Open banking

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!

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

Team Margill at ABA Techshow

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

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


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.

To see original post on Facebook, follow this link.


Do I Have To Pay Back This Loan?

Joe Patrice, senior editor at “Above The Law“, offers a helpful guide for anyone wondering how borrowing works for different people.

Earlier this week, Jonathan Turley’s thirst for attention led him to go on TV to describe “car loan payments” as corruption that “none of us have seen the likes of.” Turley is, of course, an idiot. But it did get us thinking: what are the rules for paying back money you’ve borrowed? So we’ve created this helpful annotated guide!

To find out more, follow this link.

Update to the Google Personalised ads policy

In February 2024, Google will update its Personalised ads policy to introduce new limitations on personalised ads relating to consumer financial products and services. Specifically, Google’s ‘Credit in personalised ads’ policy will be expanded to cover ‘Consumer finance in personalised ads’. The updated policy will read as follows:

‘In the United States and Canada, the following sensitive interest categories cannot be targeted to audiences based on gender, age, parental status, marital status or postcode.

Find out more by following this link.

Goldman Alums Set Up Matchmaking Platform for Private Credit

Two former Goldman Sachs Group Inc. bankers want to take the $1.6 trillion private credit revolution from Wall Street to Main Street.

George van Dorp and Koen van Vlijmen, who both worked in the American bank’s London office, have built a product that matches small businesses with alternative lenders.

Take a look at this excellent article by Irene García Pérez and Silas Brown on Bloomburg News.

New complete Margill Loan Manager User Guide available

After many years of updates and new features, we are happy to release the new MLM User Guide for software versions. 5.5 / 5.6.  The PDF file, which contains a total of 1241 pages, is mostly a document you can consult for specific matters.  We do not expect you to read it entirely, unless you really need to fall asleep!

The Guide is the result of countless hours of labor by our Margill team in order to give you easy access to all the features offered in the software. It is complete with tons of images and examples to make things easier to understand.

You can consult or download the User Guide here.

A 47-year mortgage? They’re out there — and even longer ones could be coming

Banking regulator says about $250B worth of home loans are either currently or soon to be negatively amortized.

Canada’s top banking regulator will soon implement new guidelines for the mortgage market, aimed at reducing the risks posed by negative amortization mortgages — home loans where the payment terms have ballooned by years and sometimes decades because payments are no longer enough to pay down the loan on the original terms.

Take a minute to read Pete Evans’ article on CBC news about the consequences on mortgages since the Bank of Canada has hiked interest rates multiple times within a year and a half.