Raidiam has joined the Open Finance Network of Canada (OFNC), bringing its experience running national open banking and open finance trust frameworks to Canada as it prepares for consumer-driven banking.
Raidiam has joined the Open Finance Network of Canada (OFNC), a Toronto-based not-for-profit that brings together Canadian financial services firms to advocate for consumer and small business data rights, and for open banking and open finance in Canada.
Raidiam will work with OFNC's members to support secure, consumer-directed data access, sharing what it has learned designing and running open banking and open finance trust frameworks in the UK, Brazil and the UAE.
Open banking in Canada: where things stand
Canada's open banking framework is called consumer-driven banking. The Consumer-Driven Banking Act received royal assent in March 2026, and the Department of Finance published proposed regulations to implement the framework for public consultation at the end of June.
The Bank of Canada will supervise participants. In November 2026 it published draft guidelines setting out what financial institutions and third-party service providers must meet for accreditation, including an independent security assessment and insurance cover.
As the Consumer-Driven Banking Framework takes shape, banks, credit unions and other financial services firms will need a reliable way to check that the organisations they plan to share data with are accredited and permitted to receive that data. In other markets, a trust framework gives them that capability through a shared directory of accredited participants, which each organisation consults before it shares data.
Raidiam's open banking and open finance experience
Raidiam has worked on national data sharing schemes since 2016, when it designed and delivered the UK's Open Banking trust framework, the first of its kind. Today Raidiam Connect powers the core directory and trust framework for Open Finance Brasil, and Raidiam is part of the consortium delivering the Central Bank of the UAE's open finance initiative.
In each of these open finance ecosystems, the trust framework is the shared layer every participant connects to. It holds the directory of who is in the ecosystem, issues the credentials participants use to connect, and technically enables the rules they operate under. Financial institutions and accredited service providers can then verify each other and connect without the need to establish each relationship one by one.
What Raidiam and OFNC said about the membership
We are excited to join the Open Finance Network of Canada and to work alongside community and industry leaders to advance open banking and open finance. At Raidiam, we believe secure trust frameworks are the foundation for innovation that scales. We look forward to sharing what we've learned running trust frameworks around the world, and to helping Canada build a financial ecosystem that works for its consumers and SMEs.
Barry O'Donohoe, CEO and Co-Founder of Raidiam
We are pleased to welcome Raidiam to the OFNC community. We look forward to their global perspective as part of our network, and to working together with all members, with a shared interest in open data, to advocate for secure, consumer-directed data access for Canadian consumers and SMEs.
Michelle Beyo, President of Open Finance Network of Canada
About the Open Finance Network of Canada
OFNC advocates for data rights for Canadian consumers and small businesses and promotes the benefits of open banking and open finance. Its latest whitepaper, Unlocking Financial Health with Open Finance, looks at how open finance can support the financial health of Canadians. Find out more at openfinancenetwork.ca, or read OFNC's full announcement.
Frequently asked questions
What is the Open Finance Network of Canada (OFNC)?
OFNC is a Toronto-based not-for-profit that brings together organisations from across financial services to advocate for consumer and small business data rights in Canada.
What is consumer-driven banking?
Consumer-driven banking is Canada's open banking framework. It will enable individuals and businesses to share their financial data securely with accredited providers they choose. The Consumer-Driven Banking Act sets out the framework, and the Bank of Canada will supervise it.
Why has Raidiam joined OFNC?
To share its experience running open banking and open finance trust frameworks in the UK, Brazil and the UAE, and to support OFNC's advocacy for secure, consumer-directed data access in Canada.
Preparing for consumer-driven banking?
Talk to our team about what participants in the UK, Brazil and the UAE have had to put in place to join a national trust framework.
Get in touch
