Chronologie du développement
du système bancaire ouvert
au Canada (en anglais)

2018

• An Advisory Committee is appointed by Canada's Minister of Finance to review the merits of open banking.

• Payments Canada begins implementation of Canada's new real-time payments system aimed at facilitating the delivery of data-rich, low-value payment items with immediate funds availability for the recipient.

2019

• In January 2019, the Advisory Committee released a consultation document aimed at engaging Canadians on the merits of open banking; over a hundred written submissions are received in response.

2020

• Phase 1: In early 2020, the Advisory Committee releases findings from the first phase of its review. Based on stakeholder consultations and learnings from other jurisdictions, the report proposes that industry and government collaborate to develop a framework that would enable the safe introduction of open banking in Canada. 

• Phase 2: In November 2020, the Advisory Committee holds more stakeholder consultations on a proposed open banking framework for Canada. This phase assessed implementation considerations, such as consumer privacy, security, access, and recourse.

2021

• Phase 2: In April 2021, the Advisory Committee delivers its findings in a final report to the Minister of Finance. The report provides recommendations on implementing a secure open banking framework in Canada. Four working groups are established by the Advisory Committee.

• In June 2021, the Retail Payment Activities Act is enacted, creating a supervisory framework for retail payment activities of payment service providers (e.g., card networks, payment processors and digital wallets that perform electronic payment functions).

2022

• In March 2022, Abraham Tachjian is appointed to lead the development of an open banking framework in Canada.

• In June 2022, the federal government introduces Bill C-27, the Consumer Privacy Protection Act (CPPA). Collectively, the proposed legislation is aimed at (among other things) reforming federal privacy laws to provide for data portability.

2023

• The 2023 Fall Economic Statement announces that the federal government will introduce legislation through Budget 2024 to establish an open banking framework that would regulate access to financial data.

  The Policy Statement on Consumer-Driven Banking outlines the government's position on key policy objectives and core framework elements, including governance, scope, accreditation, common rules, and technical standards.

  Abraham Tachjian's term as the Open Banking Lead comes to an end in December 2023.
• In November 2023, the Government of Canada releases final regulations under the Retail Payments Activities Act.

2024

• The federal government intends to introduce Canada's open banking framework through Budget 2024, which is expected to be released on April 16th . Budget 2024 will set the stage for what the legislation will encompass, while the legislation itself is expected to be released in the fall in connection with a second budget implementation act.

• Provisions of Québec Law 25, which amended the Québec Act respecting the protection of personal information in the private sector providing for the right to data portability, will come into force on September 22, 2024.

2025

• The federal government's intention is to fully implement the necessary governance framework for open banking by 2025.