When we launched OpenSME in August 2025, there was no confirmed timeline for open banking in Canada and most policy discussions were still focused on consumers and fintech innovation. Very little attention was being paid to the reality of small and medium sized enterprises that make up half of Canada’s economy.
We could not ignore that gap. Our clients depend on faster payments, real time access to financial data, and modern banking tools that support cash flow. Yet the policy conversation was drifting toward a future that might exclude the people who need it most. We decided to act long before there was any guarantee that the government would move on this issue.
OpenSME began as a submission to federal pre-budget consultations. It quickly became a national coordination effort involving accounting leaders, fintech partners, nonprofit organizations, policy voices, and more than 250 business owners and supporters. What started as a single submission grew into a roundtable and a collective voice that showed Ottawa just how important open banking is to small business competitiveness.
We called for three things:
At the time, none of these commitments existed.
Budget 2025 confirmed a timeline for implementation and explicitly included small business owners in the first phase of open banking. These were the core recommendations our coalition asked for months earlier.
To be clear, government policy has many inputs and we would never claim sole credit. What we can say is that the outcomes in Budget 2025 matched the priorities that business owners asked for and that alignment felt like a meaningful step in the right direction.
This part matters. When OpenSME launched, there were industry skeptics who believed open banking might take many more years or possibly never materialize. There was no timeline and no clear parliamentary path forward. We started this advocacy because waiting for someone else to lead would have meant small businesses continued to be overlooked while international peers moved ahead.
By the fall, draft open banking legislation was tabled in Parliament. Canada is now working through real policy steps that will shape financial access for years to come. The shift from uncertain progress to concrete legislation happened inside a single calendar year. That speed says something important about what collective advocacy can accomplish.
The coalition included accountants, national associations, policy advocates, fintech companies, and real business owners. The message was consistent. Open banking cannot be built only for consumers. It must support the businesses that create jobs, operate in communities, and keep the economy moving.
Media coverage from reputable business, policy, and technology outlets helped amplify that message across the country. These publications evaluate credibility and public interest, not marketing. Their coverage helped move the issue from a technical debate into a national economic concern. (Betakit, Ottawa Business Journal, The Hill Times, CanadianSME, IRPP(Policy Options))
“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.” – Corinne Pohlmann, Executive VP, Advocacy, CFIB
Zenbooks has always believed that accountants should do more than close the books. Zenbooks saw firsthand how outdated banking processes slow down payroll, delay payments, and limit financial visibility. The future of business finance requires modern tools and open data access. This is not a future problem. It is a real problem today.
We launched OpenSME because our clients deserved a voice in a national decision that directly impacts how they operate, pay staff, access funding, and plan their future. This was not a marketing initiative. It was a responsibility.
Open banking is not finished. The legislation going through Parliament still needs careful implementation, strong security, and clear support for small business adoption. Canada must continue to build a system that increases competition, lowers banking costs, and improves financial visibility for business owners.
That is what OpenSME will continue to focus on in the months ahead.
You can read the full OpenSME Impact Report that summarizes the campaign, coalition, recommendations, media coverage, and outcomes.
To everyone who signed, supported, shared, and participated in OpenSME. Your voices helped shape a national financial policy conversation that finally recognizes the realities of small business owners in Canada.
OpenSME was launched on August 11, 2025 with one clear goal:
To ensure Canada’s small and medium sized enterprises are included in the first phase of open banking.
Small and medium sized enterprises represent approximately 50 percent of Canada’s GDP. Yet they are often overlooked in major financial policy decisions.
As open banking moved toward early 2026, the scope was still undefined for businesses. Most early conversations focused on consumers and fintechs, not on small business operations, cash flow, or payroll needs.
The Government of Canada opened its annual pre-budget consultations. We built a comprehensive submission calling for SME focused recommendations and a clear implementation timeline.
Our work united a diverse group of stakeholders including:
Small business owners are the lifeblood of communities across Canada. They sponsor local sports teams, support local causes, and create jobs. Yet they are underserved when new financial systems are designed.
Open banking risked being positioned as something only for consumers or banks. We launched OpenSME to ensure business owners did not get left behind.
Why This Matters for Business Owners
Open banking is not only about convenience. It directly affects:
Small businesses operate on tight margins and limited time. Modern banking access can directly improve financial operations and decision making.
Zenbooks has built national visibility and strong relationships in financial technology, media, and policy. We used this platform to elevate business voices into a national conversation.
Policy decisions are often made in rooms where small business owners do not have a seat. OpenSME was built to prove that an independent accounting firm and a national coalition could shape the conversation.
Advocacy as Legacy
We believe professional expertise should serve a public purpose. OpenSME aligned our accounting, strategy, and communication experience with national small business needs.
OpenSME made three major recommendations:
OpenSME hosted a national roundtable discussion that highlighted the need to include SMEs early in open banking rollout, the importance of a clear timeline, and the opportunity to support faster payments and data sharing.
Participants included:
More than 250 small business supporters signed in support. Industry partners included accounting leaders, fintech companies, national associations, nonprofits, and policy voices.
Organizations included:
Concerns raised by OpenSME were echoed by parliamentarians (like Colin Deacon) and national policy conversations, elevating small business issues into the discussion around implementation.
The federal Budget confirmed:
The campaign:
Open banking has the potential to give small businesses more choice, flexibility, and transparency. It can drive competition, reduce banking costs, and expand access to financial tools.
The OpenSME initiative reached more than 100,000 readers through national earned media. Campaign messaging was carried by Open Banking Expo and StartupEcosystem.ca.
Coverage included:
OpenSME generated more than 18,000 LinkedIn impressions and continues to engage business audiences nationally.
More than 250 business owners and dozens of organizations contributed support. Industry leaders, policy organizations, fintech companies, accountants, and nonprofits aligned around the shared need for business inclusion in Canada’s open banking future.
Canada is now moving toward open banking implementation with business participation recognized in its early phase. The next step is ensuring the framework is executed in a way that truly benefits business owners, improves financial visibility, and keeps Canada competitive globally.
The work does not end here. Visit OpenSME.ca to stay involved and ensure Canada’s open banking framework works for small businesses.
