Open Banking for Canadian Small business

Fairer, faster financial tools are on the way. And you can help make it happen.

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Partners/Allies

Logo of Xero
Logo of Dext
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Logo of Ignition
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Business Groups

Corinne Pohlmann, Executive VP, Advocacy, CFIB - “Open banking has the potential to give small businesses more choice, flexibility, and transparency in how they manage their finances. It’s important that the federal government keeps this issue on its radar to ensure Canada doesn’t fall behind other jurisdictions. CFIB strongly supports progress on open banking and initiatives like OpenSME, which could help level the playing field for small businesses by driving competition, lowering banking costs, and expanding access to financial tools and services.”
Darrell Schuurman, CEO of CGLCC - "Open banking is about fairness, security, and opportunity—and Canada’s 2SLGBTQI+ entrepreneurs, along with all small business owners, can’t afford to be left out. CGLCC supports OpenSME’s call to move to Open Banking and include businesses from day one, because inclusive open banking drives inclusive economic growth."

Accountants

"OpenSME gives accountants a real voice in shaping open banking for small businesses. I urge my fellow accountants to sign the petition and get involved. This is our chance to move from chasing paperwork to delivering real strategic value." - Ryan Lazanis, CPA - CEO, Future Firm
"Accountants deal with it every day. Outdated banking slows small businesses to a crawl. Payments get stuck. Loan approvals die because data isn't shared. That’s friction our clients can’t afford. Open banking fixes this. And our profession should be leading the charge to make it happen." — Blake Oliver, CPA, Founder of Earmark & Co-Host of The Accounting Podcast

Policy Community

Colin Deacon 🇨🇦🇺🇦, Independent Senator, Senate of Canada Visible to anyone on or off LinkedIn OpenSME is calling for hashtag#Budget2025 to include the following clear requirements : 1. An hashtag#OpenBanking implementation plan that includes hashtag#SmallBusiness and firm dates; 2. A requirement for banks to include small business accounts (not just personal bank accounts); and 3. A privacy/security education budget to help small businesses feel confident sharing their data. I have one suggested change to point #3 (above) — why not just require all Federally Regulated Financial Institutions (FRFI) to regularly inform their (personal and) small business customers of the FACTS and their rights around open banking? Over the seven years that I have been in Ottawa, disinformation has been one of the biggest problems. Reversing the resulting misinformation is not something that the federal government should have to pay for — they didn’t create that problem. Notifications in clear, accessible, plain language should be available to all customers and 1) state the intentions of the new federal regulations, 2) confirm that the FRFI is complying with those regulations and 3) should be the responsibility of the FRFI — not federal government. And I have one additional suggested point: 4., Release the open banking Implementation Plan & recommendations that Abraham A. Tachjian delivered to Minister Freeland a year ago. I am hopeful …thanks to our new Government. hashtag#CompetitionMatters

Business and NPO leaders

"Imagine the differences this would make for busihness financials" - Kevin Judge, CEO & Founder - iNOBL (Business Coaching)
“At the Council Advancing Work-Based Learning, we see every day how delays in banking decisions hold back nonprofits and small enterprises. OpenSME’s call for business-account inclusion in open banking is about more than technology—it’s about giving organizations the tools to serve their communities faster and better.” — Jeremy McQuigge, Secretary-General, Council Advancing Work-Based Learning

Fintechs

Fintechs Canada Visible to anyone on or off LinkedIn OpenSME.ca is a new advocacy initiative dedicated to making open banking work for Canadian small businesses. Here's what OpenSME is doing: - A roundtable on August 18 with small business owners, fintech leaders, and policy experts - A petition-letter to the Minister of Finance with clear recommendations for SME-friendly open banking At Fintechs Canada, we are always supportive of new efforts to ensure open banking delivers value not just for large institutions, but for small businesses across Canada too. Eric Saumure, CPA, CA Zenbooks hashtag#OpenBanking hashtag#SmallBusiness hashtag#SME hashtag#SmallBusiness
Open Finance Network of Canada - "With rising costs and economic uncertainty, SMEs need secure, efficient access to their financial data to unlock innovation, faster payments, and competitive financial products. Today, they rely on risky “screen scraping” to get these tools. Consumer-driven banking offers a safe, consent-based solution. Canada is the only G7 country without a legislated open banking framework. The time to act is now. OpenSME’s leadership is vital to ensuring small businesses aren’t left behind."
By enabling real-time data access, open banking will empower accountants to transition from backward-looking record-keepers to proactive, strategic advisors, helping their clients grow and thrive. Our partnership with OpenSME is a natural extension of this belief
Mike Cascone
Mike CasconeVP of Government Relations, Xero
Canada needs to leverage this opportunity. In Budget 2025, we urge the Government to prioritise implementation: mandate interoperable frameworks, fund nationwide education, and work in partnership with technology providers to turn policy into real-world impact for small businesses
Sabby Gill
Sabby GillCEO of Dext
Our community is all about small business, supporting local and creating a tight ecosystem
Maz Kobti
Maz KobtiFounder
Canada’s small business community stands to gain enormously from the education and advocacy taking place around open banking. At Plooto, we’ve seen firsthand how better access to financial data and automated tools can empower SMBs to reclaim time, reduce risk, and build healthier businesses. Organizations like OpenSME play an important role in helping business owners understand these opportunities, which aligns with our vision of stronger communities built on financially confident businesses.
Plooto Logo
John McLaneCEO of Plooto
Entrepreneurs start businesses to pursue their passions and grow -- not to become accountants or be held back by outdated data practices. Open banking gives them control of their financial data, unlocking the insights and clarity they deserve. By supporting OpenSME, we’re helping small businesses grow with confidence.
Bill Murphy
Bill MurphyPresident of Huumans
Open banking is a framework that provides opportunity for fintechs and - more importantly - leads to innovative products and services for our end customers: small businesses. Better payment products, services and optionality will help Canadian small businesses thrive.
Peloton Technologies logo
Craig AttiwillCEO & Founder of Peloton Technologies
Ignition is honoured to join forces with visionaries across fintech and accounting to support OpenSME.ca’s mission of open banking in Canada. We believe empowering small businesses with fair, innovative financial tools is essential—and this coalition is paving the way.
Ignition Logo
Matthew KanasVP, Partnerships & Ecosystem of Ignition

Why This Matters

Small business finances are held back today

  • Canada’s banking sector is controlled by just five major banks, which limits competition and keeps fees high.
  • Every other G7 country already has open‑banking in place. Canada is just getting started. They’ve seen better customer experiences, lower fees, and fewer fraud cases. Canada can catch up.
  • High loan costs because sharing info is a headache.
  • It's hard to get new(especially old) bank transactions from your bank all the time.
  • Multiple tools that don't "talk" to each other. This wastes hours on data entry.
  • Slow payments that choke your cash flow.
“As an accountant who’s worked with hundreds of small businesses, I know our financial system can be slow and confusing. Open banking will put you, the entrepreneurs, at the center of decisions about your money. I've rallied +30,000 canadians before (Canadian Press) for tax fairness and now we're launching OpenSME: to ensure entrepreneurs are finally heard by the people designing our financial future.”
— Eric Saumure, CPA, CA Co-Founder and Principal, Zenbooks + Founder and Chair, OpenSME

Why Now?

We've got until August 28, 2025

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What the Numbers Say

How Open Banking Works

Open Banking

Open banking lets you safely share parts of your bank data(like transactions or balances) with apps and services you choose. You never give out your password, and you can stop sharing at any time.

 

Benefits for Your Business

  • Faster loan approvals

  • Smarter accounting and reporting tools

  • Easier side-by-side comparison of services

  • Full control over which data you share

 

All under strict Canadian rules to keep your information safe.

Our Budget 2025 Requests

We’re drafting a pre-budget submission for the federal government. Here’s what we’re calling for in Budget 2025:

  • A clear, small business focused open‑banking plan with firm rollout dates
  • Small business accounts be included (not just personal bank accounts)
  • Clear privacy/security education budget to help small businesses feel confident sharing their data

Take Action!

Sign the Petition
Join Roundtable
Join as Partner
  • Stay informed (newsletter) of our upcoming roundtable

In the Press

CanadianSME Magazine - Eric Saumure - OpenSME

Dig into the details with these quick guides:

Learn More

Government of Canada – Open Banking Overview

A clear, up‑to‑date primer on what open (consumer‑driven) banking is, how it will work in Canada, and the steps the federal government has taken so far.

Budget 2024: Canada’s Framework for Consumer‑Driven Banking

The Department of Finance’s breakdown of Canada’s new Consumer‑Driven Banking Act (CDBA) and timeline for rollout, with a focus on how small businesses fit into the plan.

DLA Piper – Introduction to Open Banking in Canada

A concise legal and practical guide to the emerging framework, including key dates (e.g. pilot programs in early 2026), regulatory bodies, and SME‑specific considerations.

Financial Consumer Agency of Canada (FCAC)

The federal regulator tasked with protecting financial consumers (including small businesses) and educating Canadians on new initiatives like open banking. Explore their tools and FAQs.

Payments Canada & CFIB Interview: “Small Business Payment Challenges and Opportunities”

A conversation highlighting how open banking could address SME pain points—slow payments, manual reconciliation, high borrowing costs—and what small business owners need most.

 

 

EY Report – The Future of Small Business Lending in Canada

In‑depth analysis of how secure access to transaction data via open banking can improve credit assessment, lower borrowing costs, and expand capital access for SMEs.

 

 

Open Finance Network of Canada (OFNC)

A coalition of fintechs, non‑profits, and advocates focused on open finance (the broader ecosystem that includes open banking) and its benefits for small businesses.

Press Releases
Eric Saumure

CFIB, CGLCC, and Open Finance Network of Canada Voice Support for SME Inclusion in Open Banking

  FOR IMMEDIATE RELEASE August 25, 2025 CFIB, CGLCC, and Open Finance Network of Canada Voice Support for SME Inclusion in Open Banking OTTAWA, ON — OpenSME, the national volunteer-led campaign advocating for Canada’s small and medium-sized businesses (SMEs) to be included in the first phase of open banking, has gained new momentum with public statements of support from the Canadian Federation of Independent Business (CFIB), the Canada’s 2SLGBTQI+ Chamber of Commerce (CGLCC), and the

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August 22, 2025 No Comments
Eric Saumure

OpenSME Campaign Gains National Momentum in Push for Inclusive Open Banking

FOR IMMEDIATE RELEASE Date: August 18, 2025 OpenSME Campaign Gains National Momentum in Push for Inclusive Open Banking OTTAWA, ON – The grassroots campaign OpenSME.ca, launched to ensure Canada’s open banking rollout includes business accounts from the start, has gained significant momentum since its debut earlier this month. Founded by Eric Saumure, co-founder of Ottawa-based accounting firm Zenbooks, the campaign calls for three key actions: Include business accounts in the initial phase of Canada’s open

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August 18, 2025 No Comments
Eric Saumure

Canadian Small Businesses Mobilize for Inclusion in Open Banking Rollout

FOR IMMEDIATE RELEASE August 11, 2025 Ottawa, Canada – Today marks the launch of OpenSME, a national advocacy campaign dedicated to ensuring small and medium-sized enterprises (SMEs) are included in Canada’s forthcoming open banking framework.   Founded by Eric Saumure, CPA, CA and Principal at Zenbooks, OpenSME aims to give Canadian entrepreneurs the same advantages already enjoyed by small businesses in other G7 countries: Faster payments Lower fees Fairer access to credit While the federal

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August 11, 2025 No Comments
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