Canadians are ready to unlock innovation, empower customers, and build a more connected financial future with open banking.
What
A safe new way to share financial data
Canada has passed the Consumer-Driven Banking Act (CDBA), a groundbreaking new law that clears the way for open banking and gives individuals and small businesses greater control over their financial data. For the first time, Canadians will be able to securely share their banking information with trusted apps and services of their choosing — on their terms.
Why
Choice, innovation, security
Open banking is not just about data. It’s about trust, choice, and a future of finance in Canada that promises:
- Consumer choice. Individuals have full power to decide who can access their data, and for how long
- Innovation tools. Users can expect new tools to manage their money, get loans, or automate saving
- More trust and security. A regulated framework means data sharing is safe, governed, and transparent
Who
Financial consumers, providers, and more
This new initiative is overseen by the Financial Consumer Agency of Canada (FCAC) and supported by a technical standards body that will ensure interoperability, fairness, and data protection for:
- Consumers. Canadian consumers will have more control, better services, and secure data sharing
- Financial institutions. New compliance requirements will emerge, but so will new opportunities to innovate
- Fintechs. Companies using financial technologies will have a legal path to access data and scale responsibly
- Canada. The country will be globally aligned with open banking leaders like those in the United Kingdom, European Union, and Australia
When
2025
The framework is being rolled out gradually, with standards, regulations, and a registry of approved financial players surfacing in 2025. The foundation is set — now's the time to get informed, get ready, and get excited.
How
With Axway Amplify Open Banking
Axway Amplify Open Banking solutions and expertise will play a pivotal role in helping financial institutions bring greater financial data control and security to individuals and businesses across Canada. Let us show you how.
Want an experienced partner to help you capture the promise of open banking in Canada?
