Open Finance Network Canada (OFNC) is proud to announce a strategic partnership with the Digital Governance Standards Institute (DGSI) to develop a technical specification (TS) for a Data Portability Framework that will help power Open Banking and Open Finance in Canada.
This landmark collaboration will deliver a consensus-driven Technical Specification designed to create a trusted, interoperable, and user-centric framework enabling individuals and organizations to securely access, transfer, and share data across sectors.
The initiative represents a major step forward for Canada’s digital economy empowering consumers and businesses with greater control over their data, accelerating innovation, and fostering more competitive markets, while ensuring privacy, security, and governance aligned with Canadian regulations and global best practices.
Michelle Beyo, president, OFNC
Michelle Beyo, president of Open Finance Network Canada, emphasized the transformative impact of data portability: “Data portability is foundational to empowering Canadian consumers. It puts individuals in control of their financial information, enables meaningful choice, and unlocks innovation across the ecosystem.
“This partnership with DGSI is a critical step toward building a trusted Open Finance framework that delivers real value to Canadians while maintaining the highest standards of privacy and security.”
The Data Portability Framework will provide foundational guidance for secure data exchange, helping financial institutions, fintechs, and data recipients rapidly adopt Open Banking capabilities while reducing implementation complexity and time to market.
Key benefits of the Data Portability Framework for Canadians include:
- Greater control and empowerment over personal data – Consumers will be able to securely access and transfer their data using standardized formats unlocking smarter financial decisions and highly personalized services.
- Enhanced competition and innovation – By lowering barriers to entry for fintechs and simplifying provider switching, the framework drives better products, improved customer experiences, and reduced costs for consumers.
- Improved security and trust – Built-in privacy and security protocols ensure data is shared only with authorized parties, strengthening consumer confidence across the Open Finance ecosystem.
Darryl Kingston of the Digital Governance Standards Institute, highlighted the importance of industry collaboration: “Developing this technical specification through a consensus-driven process ensures we create a practical, trusted framework that reflects real-world needs. DGSI is excited to work alongside OFNC and all interested stakeholders to advance data portability in Canada and provide organizations with clear, actionable standards that support innovation while safeguarding Canadians’ data.”
The Digital Governance Standards Institute is expected to initiate this work in March. The technical specification is anticipated to be completed within eight to 10 months and will be published at no cost on the DGSI website, making it broadly accessible to industry participants.
This collaboration between OFNC and DGSI provides a powerful accelerator for organizations seeking to prepare for Open Banking, modernize their data strategies, and deliver next-generation digital financial services to Canadians.
Organizations interested in learning more or participating in this initiative can reach out to:
- Open Finance Network Canada (OFNC) Michelle Beyo: info@openfinancenetwork.ca
- Digital Governance Standards Institute (DGSI): Darryl Kingston darryl.kingston@dgc-cgn.org
Find Open Finance Network Canada at booth G7 on the exhibition floor at Open Banking Expo Canada 2026 on March 5 in Toronto. Michelle Beyo will be moderating a Powerhouse Debate on the Main Stage at 4.15pm, titled ‘From Open Banking to Open Everything: building Canada’s Smart Data future’.
Click here to find out more about the agenda, speakers and partners.
