PocketSmith Welcomes Passage of Canada’s Consumer-Driven Banking Act

PocketSmith, a global fintech company helping households manage their personal finances, is pleased to acknowledge the passage of the Consumer-Driven Banking (CDB) Act in February 2026. With oversight from the Bank of Canada, this framework will enable open banking in the country for the first time, allowing consumers to access their data in real-time for more seamless budgeting and money management.

“The passage of the Consumer-Driven Banking Act is encouraging news for Canadian households,” says Jason Leong, PocketSmith CEO and Co-founder. “For many years, accessing and sharing financial data securely has been harder than it should be. This framework is an important step toward giving people clearer visibility over their money and more confidence in the tools they use every day.”

Canada has lagged behind other countries in open-banking policy, making it difficult for its residents to fully participate in 21st-century financial technologies. PocketSmith – who has provided bank feed services for its customers since 2011 – has noticed a severe decline in Canadian feed accessibility over the past five years in particular. Its latest tracking data reveals that, among traditional Canadian banks, the best performers have a 73% connection success rate, while the worst perform at 0%.

The Consumer-Driven Banking Act could change that for the better, but PocketSmith is approaching the news with cautious optimism. Based on past experience with legislation in countries such as the U.K., New Zealand and Australia, there is often a lag between the passage of legislation and successful implementation.

Even prior to passage, Canadian financial institutions have been working on a deadline of early 2026 for read-access, and a deadline of mid-2027 for write access. However, there were delays in the passage of the CDB, which may or may not affect implementation. Other obstacles between legislation and successful implementation often involve the writing and rewriting of regulatory guidelines as banks and governments create frameworks that are both practical and comply with existing privacy laws.

“In other countries, we’ve seen how open banking can help families feel more in control during times of rising costs and financial uncertainty,” says Leong. “We’re optimistic about what this means for Canadians and look forward to supporting a system that is secure, reliable and centred on consumer benefit.”

About PocketSmith

Founded in 2008 and headquartered in Dunedin, New Zealand, PocketSmith is a global personal finance platform that helps households forecast, budget, and plan with confidence. Known for its advanced cash-flow forecasting and long-term financial modeling tools, PocketSmith enables users to project their financial future up to 60 years ahead. Operating in established open banking markets including the U.K., Australia, and New Zealand, the company has provided bank feed services since 2011 and advocates for secure, consumer-driven financial connectivity worldwide. Learn more at www.pocketsmith.com.