Canada’s Open Banking journey has long been defined by policy discussions, consultations and white papers. Now, with the Consumer-Driven Banking (CDB) framework moving from legislation into delivery, the focus is shifting to a more urgent question: can the industry execute at scale?
That was the focus of a lively debate at Open Banking Expo Canada, where representatives from banks, fintechs, industry bodies and technology providers came together to discuss what happens next in Canada’s rollout.
Moderated by Ramapriyan Gopal, senior vice president of financial services at GFT Technologies, the panel brought together:
- Alana Barnes, vice president, digital policy, Canadian Bankers Association
- Jason Chomik, Canadian director, Financial Data Exchange
- Heather Davis, senior director, innovation, CIBC
- Santiago Duro, director and head of Open Banking, Scotiabank
- Dominique Samson, chief operating officer, Flinks
Together, they tackled the critical issues shaping the next phase of Open Banking in Canada, from regulatory clarity and technical standards to commercial models and the role of partnerships.
The conversation shifts from policy to execution
For years, the debate around Open Banking in Canada centred on whether it would happen. Now, the question is no longer if, but how well the industry can deliver.
Ramapriyan Gopal of GFT Technologies
Opening the discussion, Gopal noted that the industry is entering a decisive phase.
“With the consumer-driven banking framework moving from policy to delivery, we are no longer debating if this will happen. It’s more of how well we will execute it,” he said.
“The shift to secure, consent-driven data sharing is no longer theoretical. The real question is, can we operationalize it at scale? And can we do it in a more secure and commercially viable model?”
For many participants, the direction of travel is clear, but key details of the regulatory framework will determine how quickly the industry can move.
Regulatory clarity remains a key factor
From a policy perspective, Barnes highlighted that while progress has been made with legislation, important work remains in defining the regulations and technical framework.
“The direction of travel is certainly clear,” she said. “But market readiness will depend on regulatory clarity.”
Barnes emphasised the importance of continued collaboration across the ecosystem, pointing to what she described as the “three Cs” that should guide the rollout: collaboration, consultation and communication.
She also stressed that success ultimately depends on delivering meaningful value to consumers.
“Having an efficient system will be important, giving value, building adoption, and ultimately having accessible frameworks. All of those will inform readiness,” she said.
Technology readiness may not be the real issue
While regulatory clarity remains a work in progress, some panellists argued that the underlying technology required to support Open Banking is already available.
Flinks’ Samson suggested that the biggest challenge is not technological readiness but adoption.
“When we talk about all these things – Open Banking, payment modernization, et cetera – from our standpoint, these are all problems that technology has solved already. They’re in the market, they’re live,” he told attendees.
Instead, he argued that organisations are approaching implementation cautiously while they wait for final details of the framework.
Trust and accreditation will underpin the framework
For banks preparing for the transition, trust remains central to the success of Consumer-Driven Banking.
According to Scotiabank’s Duro, accreditation and governance frameworks should not be viewed as barriers to progress.
“Open banking is all about trust. It’s continuing the trust framework that was already set up in Canada,” he said, adding that accreditation and proper processes help build that trust across the ecosystem.
Heather Davis of CIBC
Similarly, Davis of CIBC noted that much of the groundwork has already been done through earlier consultations between government and industry.
She told attendees: “We need to use existing processes. There’s no point reinventing, and I think that will help accelerate the build-out.”
Davis also acknowledged that it is not going to be completed on day one: “So we need to think about, how do you sequence things in later on? How do you build with that knowledge that it will need to evolve?”
The intersection with Real-Time Rail
Another major theme of the debate was how Consumer-Driven Banking will interact with Canada’s upcoming Real-Time Rail (RTR).
According to Duro, the two initiatives are closely linked.
Consumer-driven banking enables secure access to financial data, while real-time payment infrastructure allows money to move instantly. Together, they create the foundation for services such as payment initiation and new types of financial products.
“This is something that has happened around the world, is first you have the real-time rails, and then you put on top Open Banking. And with that comes the payment initiation,” he said.
As these systems evolve, the combination of data access and faster payments could unlock a wide range of new use cases, from smarter bill payments to automated financial services.
Partnerships will define the next phase
Perhaps the most consistent message from the panel was that Open Banking will be built through collaboration across the ecosystem.
Banks and fintechs have long partnered to deliver financial services, and that dynamic is unlikely to change.
Chomik of FDX said: “We see partnerships all the time within our membership and out in the marketplace. Just take a look at who is doing Open Banking today and you can see some great partnerships happening.
“Everything from large organizations to smaller credit unions, and we’re starting to see that uptake. So, I think we’ll see the acceleration of that.”
“We’ve been partnering with fintechs forever,” said Duro, adding that partnerships are key to unlocking innovation and strengthening the ecosystem.
Samson agreed, arguing that Open Banking could unlock even deeper collaboration by giving institutions better visibility into how customers interact with financial services across the ecosystem.
As banks gain greater insight into how customers move money and use fintech services, he suggested, they may become more proactive in building partnerships to respond to changing behaviour.
The industry prepares for the next stage
While several questions remain around technical standards, accreditation and regulatory guidance, the debate highlighted a growing sense that Canada is finally entering the implementation phase of Open Banking.
As Gopal concluded, the industry now faces the challenge of translating years of discussion into real infrastructure and services.
With legislation in place and the framework taking shape, the next chapter will depend on how quickly the ecosystem can move from planning to execution.
Further reading: Canada enters its ‘build year’ as industry leaders outline next phase of Open Banking delivery