Open Banking for SMEs in Canada: OpenSME Advocates for Clear Implementation
Zenbooks' Eric Saumure initiates Small and Medium Enterprise (SME) drive to gain entry into Canada's Open Banking system
The push for open banking in Canada is gaining momentum, with various stakeholders advocating for its implementation to modernize the financial sector and enhance services for businesses. OpenSME, a national advocacy campaign led by chartered professional accountant Eric Saumure, is at the forefront of this movement, focusing on ensuring small and medium-sized enterprises (SMEs) are not left behind.
The Need for Open Banking in Canada
Canada's financial sector is currently lacking a fully implemented open banking system and real-time payment rails, hindering the country's competitiveness. Business leaders have emphasized the need for modernization, stating that open banking, digital identity, and real-time payments are essential for a resilient and competitive economy [3]. SMEs, in particular, stand to benefit from open banking, as it can help reduce costs, improve efficiency, and enhance access to financial services.
OpenSME's Mission and Goals
Launched by Eric Saumure, the founder of Zenbooks, OpenSME aims to rally Canadian SMEs behind the open banking initiative. The campaign's primary goal is to ensure SMEs are included in the benefits of open banking, such as streamlined financial services, easier access to credit, and improved financial management tools.
OpenSME's mission is multifaceted. It seeks to promote financial inclusion, competitiveness, and innovation among SMEs. By advocating for open banking, OpenSME aims to enhance the competitiveness of SMEs in the Canadian market, aligning with broader economic goals to maintain Canada's position globally. Promoting open banking can also foster innovation, enabling SMEs to leverage financial technology more effectively, thereby supporting business growth and development.
Taking Action: The Change.org Petition
To gather support from entrepreneurs, accountants, and the public, OpenSME has launched a Change.org petition. The petition, which is ahead of the government's consultation deadline of August 28, 2025, urges for the inclusion of small business accounts in phase one of Open Banking. OpenSME is also requesting a clear privacy/security education budget to help small businesses feel confident sharing their data.
The Future of Open Banking for SMEs in Canada
As the federal government moves toward Open Banking, there is a risk that the initial rollout could focus solely on consumer accounts, potentially leaving SMEs behind. OpenSME is advocating for clear implementation timelines for Open Banking, ensuring that SMEs can reap the same benefits already enjoyed by small businesses in other G7 countries, including faster payments, lower fees, and fairer access to credit.
Eric Saumure, the founder of OpenSME, recently featured on the Open Banking Expo Unplugged podcast, discussing the potential benefits of open banking for Canada's SMEs. Mike Cascone from Xero, another advocate for open banking, was also a guest on the same podcast. Their discussions underscore the growing interest and support for open banking among business leaders and financial experts.
In conclusion, OpenSME is playing a crucial role in advocating for SMEs in Canada's open banking landscape. By promoting open banking and ensuring clear implementation timelines, OpenSME is working to level the playing field for SMEs, enabling them to compete more effectively and drive innovation in the Canadian economy.
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