FDATA Welcomes Royal Assent of Bill C-15, Advancing Canada’s Open Banking Framework

This section is Partnership Content suppliedThe content in this section is supplied by Business Wire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by Business Wire Article contentSign In or Create an AccountEmail AddressContinueor View more offersArticle contentWASHINGTON — The Financial Data and Technology Association (“FDATA”), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms, today welcomed the granting of Royal Assent to Bill C-15, a critical step forward in establishing Canada’s consumer-driven banking framework. With Bill C-15 now enacted, Canada formally establishes the legislative foundation for a secure, consumer-permissioned data sharing ecosystem—one that will enable individuals and small businesses to access and share their financial data with the providers of their choice, free from unnecessary barriers.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“Royal Assent of Bill C-15 marks a major milestone in Canada’s journey toward open finance,” said Steve Boms, Executive Director of FDATA. “This legislation reflects years of thoughtful policy development and positions Canada to deliver a modern financial ecosystem and begin realizing the benefits of a more competitive, vibrant, and technology-driven financial ecosystem.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe legislation fully enacts into law the Consumer-Driven Banking Act (“CDBA”), which establishes the core legal framework for open finance in Canada. It outlines the structure for accreditation of participants, consumer consent requirements, and the secure exchange of financial data—while ensuring strong oversight and protections for consumers.Article contentWhat Comes NextArticle contentWith the legislative phase complete, the focus now shifts to timely and effective implementation. This next stage will focus on translating the law into a fully operational system through detailed rulemaking, technical standard-setting, and ecosystem coordination.Article contentKey next steps are expected to include:Article contentDevelopment of regulations and guidance led by the Department of Finance and Bank of Canada to operationalize the frameworkFinalization and recognition of technical standards to enable secure, API-based data sharingEstablishment of an accreditation regime, led by the Bank of Canada, for participating entitiesArticle contentAs implementation progresses, continued engagement with industry stakeholders will be essential to ensure the framework delivers on its promise of safe, reliable, and consumer-centric data access.Article contentFDATA and its members look forward to continuing to work with Canadian policymakers, regulators, and industry partners to support the successful rollout of consumer-driven banking and to help build a system that delivers meaningful benefits for Canadians.Article contentAbout FDATAArticle contentFDATA represents more than 30 financial technology companies and consumer-permissioned data access platforms across the United States and Canada. FDATA advocates for policies that empower consumers and small businesses to securely access and share their financial data in order to improve financial outcomes and drive innovation.Article contentArticle contentArticle contentArticle contentView source version on businesswire.com: Article content https://www.businesswire.com/news/home/20260327001766/en/Article contentArticle contentContactsArticle contentTrending Posthaste: Believe it or not but home prices rose in these 11 major Canadian cities News Trump’s signature to appear on U.S. currency, breaking precedent Economy Meet the Canadian e-bike maker who is redefining the factory floor Electric Vehicles Markets could be making the wrong call on interest rates Investor Why waiting to lock in your variable rate often backfires Mortgages Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. 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