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.