Ottawa must include small businesses in open banking from day one

Canada cannot afford another half-built system. In order to call this framework “open banking,” it must immediately apply to business accounts. Anything less is branding.

As Finance Minister François-Philippe Champagne prepares to usher in an open banking framework next year, Eric Saumure writes that any related proposals that help a small business get paid faster, borrow on merit, and spend less time on paperwork should be considered a priority. The Hill Times photograph by Andrew Meade

Opinion

BY ERIC SAUMURE

August 28, 2025

The federal government says open banking is coming in early 2026. The Consumer-Driven Banking Act, which was included in the government’s 2024 budget implementation bill, is in place and the Financial Consumer Agency of Canada will oversee the framework. This is progress.

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