Tech · 8 d ago
Open banking slips again as Ottawa weighs who sets the data standard
Ottawa has yet to name the body that would set open banking's technical standards, and the Department of Finance says the designation is pending.
The contender
FDX
The Financial Data Exchange, the most widely used standard for financial data sharing in North America, is seen by industry as the de facto choice.
Rules added after the 2025 budget ask whether the body is Canadian, independent and able to comply with Canadian law, as sovereignty concerns grow.
What's next
Open banking is all but certain to miss its promised 2026 launch, with final regulations expected in late 2026 or early 2027.
