Open Banking in Canada: The Future Is (Almost) Here.
Are Financial Institutions Ready?

After years of slow progress, Open Banking in Canada is now firmly back in the headlines — with the federal government confirming it will introduce the next phase of legislation “at the earliest opportunity.”

It’s a timely move for an industry overdue for modernization in how Canadians control, access, and share their financial data. And at this week’s Open Banking Expo Toronto, our Portfolio+ team — including our CEO, Dianne Clupples — was on the ground, hearing directly from industry leaders and policymakers. One thing became crystal clear: readiness is everything.

For banks, credit unions, and financial service providers, the message is simple — Open Banking is coming fast. Now is the time to prepare, modernize, and lead.

What’s Changing and Why It Matters

Today, too many Canadians still rely on risky screen scraping practices to link third-party apps to their financial data — exposing credentials and privacy in the process.

Open Banking — or consumer-driven banking, as the federal government terms it — replaces that with a trusted framework. Canadians will be able to share exactly the data they choose, with accredited fintechs and trusted providers, securely and with clear consent.

As Shereen Benzvy Miller, Commissioner of the Financial Consumer Agency of Canada, stated in her keynote at Open Banking Expo Toronto:

“We envision a future — not far off — where consumers can securely share their financial data with trusted providers at the tap of a button.”

And Canadians are eager for that shift. In Miller’s words:

“When Canadians were introduced to the concept of screen‑scraping… 86% stated they would rather not use it.”

For financial institutions, Open Banking presents a rare opportunity to build trust, empower customers, and create entirely new forms of value.

The Business Opportunity Ahead

Throughout the Open Banking Expo Toronto, industry leaders emphasized that this isn’t just compliance — it’s innovation.

As Kaustubh Srivastava (BMO) put it:

“Open Banking is not about ‘opening the vault’ but ‘opening the value.’”

Shekher Puri (RBC) reinforced the point:

“Open Banking will ‘supercharge’ existing digital offerings and unlock new value pools.”

At Portfolio+, we couldn’t agree more. For banks, credit unions, and fintechs, this is a prime moment to rethink services, build partnerships, and deliver digital experiences that are seamless, secure, and user-first.

Where Portfolio+ Fits In

Our entire platform is designed to help financial institutions get ready — and stay ready — for an Open Banking world:
     ✅ Modern API frameworks for secure data-sharing
     ✅ Open, flexible integrations with core systems
     ✅ Consent-driven architecture aligned with evolving standards
     ✅ Support for trusted fintech partnerships
     ✅ Composable, future-proof approach

In other words, we’re helping our clients build the rails today — so they can move fast tomorrow.

What Comes Next, and How to Prepare

With the federal government reaffirming its 2026 target, and momentum growing post-Expo, the time to act is now.

As Natacha Boudrias (National Bank) reminded attendees at Open Banking Expo Toronto:

“Standards are not red tape — they’re a runway for takeoff. Interoperability is essential if we want consumer‑driven banking to be bigger than banking.”

Our advice to Canadian financial institutions:
     ✔ Assess your current digital and API capabilities
     ✔ Engage your compliance, IT, and product teams early
     ✔ Map out a clear fintech partnership strategy
     ✔ Focus on transparency, interoperability, and consumer trust
     ✔ Start building now — don’t wait for “perfect” clarity

Final Thought

As Alex Vronces (Fintechs Canada) said this week at the Expo:

“It’s really not a lot of work for the government to complete its promise — it just needs to hit print.”

For banks, credit unions, and fintechs, the real work is ensuring your teams and platforms are ready now.

At Portfolio+, we’re committed to helping our clients modernize, innovate, and lead in Canada’s next era of financial services. Because Open Banking is no longer an “if.” It’s a “when.”

And that “when” is coming fast.