Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, November 4, 2025 – The Financial Data and Technology Association (FDATA), a trade association representing more than 30 financial technology firms and consumer-permissioned data access platforms across the U.S. and Canada, today welcomed the Government of Canada’s 2025 budget announcement that will advance the next phase of Consumer-Driven Banking (CDB). FDATA applauds this commitment as a significant milestone toward delivering a competitive, innovative, and consumer-centric financial services framework in Canada.
“This announcement represents real momentum for CDB in Canada,” said Steve Boms, Executive Director of FDATA. “By streamlining oversight of the fintech ecosystem under the Bank of Canada and committing to write access as the next phase of implementation, the government is moving closer to ensuring Canadians and small businesses have secure, reliable, and affordable ways to access and share their financial data—helping drive innovation and inclusion across the financial sector.”
FDATA is encouraged to see the Bank of Canada’s take on oversight of CDB, building on its existing expertise managing the Retail Payments Activities Act. FDATA also applauded the government’s commitment to deliver “write access” by mid-2027, once Canada’s Real-Time-Rail is live and in widespread use.
“We look forward to working with the Department of Finance, the Bank of Canada, and the wider industry as Canada’s open finance framework moves towards implementation,” Boms added. “This announcement is a positive step toward making open finance a reality for all Canadians.”
