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.

“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.”

The 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.

What Comes Next

With 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.

Key next steps are expected to include:

• Development of regulations and guidance led by the Department of Finance and Bank of Canada to operationalize the framework
• Finalization and recognition of technical standards to enable secure, API-based data sharing
• Establishment of an accreditation regime, led by the Bank of Canada, for participating entities

As 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.

FDATA 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.

About FDATA

FDATA 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.

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