While millions of Canadians already use open banking-style services, the government has been Canada inching along toward the creation of a framework.

Following a three year investigation into whether the country should follow the UK in making it easier for people to let third party financial services providers access their banking data, the government gave the green light in 2021, with an initial target date of early 2023.

That target has not been met but small businesses are keen to take advantage of the technology. Of 600 firms surveyed by Mastercard, 65% feel positive about the concept of seamlessly sharing financial data between institutions and authorized third parties, indicating they’re ready to seize the opportunity for growth and streamlining offered by open banking.

As major users of digital financial tools and technology, 80% of respondents say Canada’s open banking framework should take their unique needs into account.

Meanwhile, 70% say they’re more inclined to use government-regulated tools/technologies in a hybrid open banking system, as opposed to unregulated platforms.

Darrell MacMullin, SVP, products and platforms, Mastercard Canada, says: "Our latest research findings reinforce the message we keep hearing from small businesses across the country: They want better access to innovative, secure financial technology to take control of their finances, access new capital, and succeed."