The commissioner of the Financial Consumer Agency of Canada (FCAC), Shereen Benzvy Miller, provided FinTech leaders with a progress update on the country’s open banking plan this week, indicating the federal government is moving ahead with the much-delayed policy.
In an address at the Open Banking Expo held in Toronto on Tuesday, Benzvy Miller said her agency has “drawn important lessons” from working with the departments of finance, industry, and other stakeholders since the Consumer-Driven Banking Act that came into force last year. She also revealed that FCAC is working on a consumer awareness strategy, an accreditation process, and common rules for open banking’s implementation.
“The same way we no longer think twice about tapping a screen to connect with loved ones, navigate a city, or take a photo, we envision a future—not too far off—where consumers can securely share their financial data with trusted providers at the tap of a button, receive personalized insights in real time, and switch between services with the same ease as switching between apps,” Benzvy Miller said, according to an FCAC transcription of her speech.
“One lesson we have already learned is that timely communications—about how open banking works and how it will add value—are vital.”
Shereen Benzvy Miller
Benzvy Miller said that Canadians appreciate the growing array of products and services offered by FinTech companies, and that the financial industry is more inclusive and efficient than ever because of them.
However, she called FinTech companies’ current practice of screen-scraping, an insecure method of consumer data sharing, as a “blemish” on the sector in the absence of a proper open banking framework.
“We can all agree that there is a better way to share data, given the host of security, liability, and privacy risks posed by screen-scraping—both for consumers and for the financial system,” Benzvy Miller said, referencing FCAC research that found 86 percent of Canadians would rather not use screen-scraping, once it was explained to them.
Open banking, which falls under the feds’ purview, would let consumers securely share financial data with third-party FinTech firms, while real-time rail (RTR)—led by Payments Canada with oversight from the Government of Canada—aims to facilitate faster, cheaper payments for Canadian companies and consumers. Both initiatives have been repeatedly delayed over the span of several years.
Benzvy Miller said FCAC is conducting public opinion research and collaborating with international jurisdictions that have implemented open banking to developing a consumer awareness strategy.
“One lesson we have already learned is that timely communications—about how open banking works and how it will add value—are vital,” she said. “We’ll have to demystify open banking and demonstrate through real-life examples how open banking can give them more control, more choice, and more confidence in their financial lives.”
Open banking primer
Canada has been on a long and winding path toward open banking since 2018. This collection of stories will catch you up on progress to date:
- FinTech startups frustrated with glacial pace of Canada’s open banking consultations
- Open banking working group failing to address critical governance, standards issues
- Canadian FinTech companies launch open banking public action campaign as delays continue
- Wealthsimple’s Hanna Zaidi on the “lack of political will” harming FinTech innovation
- Payments Canada reveals no Real-Time Rail until at least 2026
- FinTech leaders say “devil is in the details” with #Budget2024 open banking promises
- Fall Economic Statement brings more delays for open banking in Canada
- Canadian FinTech leaders “cautiously optimistic” about open banking, payments modernization under Mark Carney
Additionally, FCAC is developing an accreditation process to ensure only trusted entities can access financial data when requested by a consumer. Accreditation will consist of a common visual identifier—a logo—that shows consumers a provider is authorized to participate in the open-banking ecosystem, Benzvy Miller explained. She added that FCAC is also developing common rules with the Department of Finance to “ensure a consistent application of safeguards and uniformity of practice by financial service providers.”
Following the 2025 election, Canadian FinTech leaders at the Payments Canada Summit expressed cautious optimism that Prime Minister Mark Carney would install a government that cares about their policy priorities, including open banking. Canada’s previous Liberal government did not fully deliver on its promises to implement open banking and an RTR payments system.
“I said a while ago that the time for announcements was done … The time now is for implementation,” Fintechs Canada executive director Alex Vronces told BetaKit at the summit last month.
Much of the policy work on open banking and RTR is already complete, with the Government of Canada having passed and enacted the first half of their open banking framework, but it has yet to table the second, which Benzvy Miller said FCAC can “look forward” to.
“My team at the Agency and I are committed and excited about what the future will bring,” she said. “We look forward to continuing our collaboration with all of you on developing a framework that will benefit both Canadians and Canada’s financial system.”
Feature image courtesy Open Banking Expo via LinkedIn.