DGSI, OFNC publish draft technical specifications on Open Finance data portability in Canada

Source: Digital Governance Council

The Digital Governance Standards Institute (DGSI) and the Open Finance Network of Canada (OFNC) are happy to announce a 45-day public review for the first edition of the Technical Specification, DGSI/TS 140, Data Portability to Support Open Finance.

The public review will be open from August 12, 2026 to September 28, 2026, providing financial institutions, fintechs, regulators, technology providers, consumer advocates, and other interested stakeholders with an opportunity to review the draft Technical Specification and submit comments before it is finalized.

DGSI/TS 140 establishes a national framework for secure, consumer-directed data portability to support Open Finance in Canada. The proposed Technical Specification defines technical, governance, privacy, and interoperability requirements that enable individuals and organizations to securely access, transfer, and share data while promoting consumer choice, innovation, and trust. It is designed primarily for the Open Finance ecosystem but also includes guidance that can support broader applications across sectors such as healthcare, telecommunications, and government services.

Key areas addressed by the proposed Technical Specification include:

• Consumer-directed data portability and consent management
• Privacy by design and security requirements
• Strong customer authentication and interoperable APIs
• Fraud prevention, cybersecurity, and risk management
• Data governance, accountability, and auditability
• AI data governance and traceability for ported data
• Complaint handling, accreditation, and ecosystem oversight

It should be noted that a Technical Specification is a type of deliverable in the Canadian standards system that doesn’t have the full rigor of the National Standards of Canada development process. The nomenclature of the deliverable speaks more to the process that is being used to develop the Framework rather than the technical requirements that will be found within the Framework. This Data Portability Framework is meant to provide guidance rather than be a technical requirements standard that speaks to requirements of API or security standards.

Michelle Beyo, president of OFNC, said: “It has been a pleasure to work collaboratively across the industry on this Technical Specification which is now available for a 45-day public review. Thank you to all industry stakeholders who contributed their expertise to shaping this framework.

“A joint effort by the Digital Governance Council (DGC) and OFNC, this draft aims to serve as a highly practical, helpful guide for the ecosystem as Canada advances its data portability infrastructure.”

As a Technical Specification, DGSI/TS 140 has been developed to respond to an urgent market need while gathering implementation experience and stakeholder feedback. Comments received during the public review will help inform revisions to the Technical Specification prior to publication.

DGSI encourages all interested parties to participate in the public review and help shape the future of secure, interoperable, and consumer-directed data portability in Canada’s evolving Open Finance ecosystem.

For more information and to participate in the public review, visit DGSI/TS 140.

The Digital Governance Standards Institute extends its appreciation to OFNC, the members of Technical Committee 10 (TC10) and all stakeholders whose expertise and contributions have made the development of this Technical Specification possible.

This collaboration between OFNC and DGC 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.

Further reading: Open Finance in Canada: Is the country ready to expand beyond banking?