Datarisk Banking Security and Datarisk Canada jointly produce public intelligence open banking report  around trust, governance, and secure data sharing

Datarisk Banking Security, in collaboration with Datarisk Canada, today announced the release of its Consumer Driven-Banking in Canada white paper, a public intelligence report designed to help financial institutions, fintechs, credit unions, and policy leaders understand how consumer driven banking is evolving in Canada and how to prepare for implementation.

The report is led by Datarisk Banking Security (DBS), reflecting the central role privacy must play in Canada’s approach to consumer driven banking. Given Canada’s legislative environment and regulatory expectations, the framework cannot be treated as a purely technical or product driven initiative. It must be built on a foundation of consent, accountability, data protection, and public trust.

Developed with input from Datarisk Canada on governance, security, and operational risk, the white paper brings together privacy, cybersecurity, and resilience perspectives into a single, practical view of what implementation requires in real organizations. Managers and executives are invited to borrow illustrations and visuals for internal purposes. Additional insights available from a dedicated site designed to track sector developments: bankingsecurity.ca continue to share financial data through insecure workarounds such as credential based screen scraping. A regulated, consent based model offers a safer and more transparent alternative, while also improving competition and enabling more innovative financial services.

The white paper places Canada’s rollout in a global context, drawing lessons from the United Kingdom, Australia, and Europe. It highlights the importance of accreditation models, technical standards, governance structures, and payments modernization; while also identifying the practical gaps Canadian institutions must address before full deployment.

“Consumer-driven banking in Canada has to be privacy first,” said Claudiu Popa, Risk Advisor. “The success of the system depends on trust. That means strong consent models, clear accountability, CEO of Datarisk Canada and Principal and control with DBS that are actually enforceable across institutions, vendors, and data flows. Organizations that treat this as a compliance and governance priority, not just a feature rollout, will be in a much stronger position.”

The white paper highlights key priorities for financial institutions and decision makers:

1. establishing privacy led governance models that align with Canadian regulatory expectations
2. reducing reliance on insecure data sharing practices such as screen scraping
3. building secure, consent driven data portability frameworks
4. assessing vendor, third party, and supply chain risk early
5. preparing for operational, legal, and supervisory scrutiny across the full lifecycle
6. aligning business, technology, risk, and privacy teams before rollout

In addition to policy and market analysis, the report provides a practical readiness framework covering governance, privacy, security, operations, legal considerations, third party risk, and customer communication. It is intended to support cross functional planning and executive level decision making as the Canadian regime moves closer to implementation.

The Consumer Driven-Banking in Canada white paper is now available from Datarisk Banking Security, with supporting advisory from Datarisk Canada in collaboration with Managed Privacy Canada, for organizations seeking a clearer and more operational understanding of how to prepare for consumer driven bank at bankingsecurity.ca.