Eric Saumure of Zenbooks initiates a Small and Medium Enterprise (SME) drive to secure a spot in Canada's Open Banking system.

Canada's Open Banking is in a developing phase, with growing momentum, particularly in its potential benefits for small and medium-sized enterprises (SMEs), although full implementation is yet to be realized. OpenSME, a national advocacy campaign founded by Eric Saumure, is playing a crucial role in mobilizing and representing Canadian SMEs to advocate for open banking reforms that cater to their unique needs and ensure they can reap the benefits of the system.

Open Banking is expected to significantly accelerate SMEs' access to financing, foster innovation, and improve business services. Industry and government stakeholders are displaying renewed collaboration and enthusiasm to push open banking forward, alongside payment system modernization like real-time payment rails, which are essential for enhancing SME competitiveness.

The Canadian government, through Innovation, Science and Economic Development Canada, is actively gathering detailed data and tracking SME financing trends, signalling ongoing policy interest in supporting SME growth digitally and financially. However, major banks are still catching up, and many SME leaders feel that the current system does not adequately support their innovation and growth needs.

In response to these concerns, OpenSME has launched a Change.org petition to gather support from entrepreneurs, accountants, and the public. The petition calls for clear implementation timelines for the rollout of Open Banking, with a particular focus on the inclusion of small business accounts in phase one. There is a risk that the federal government's initial rollout could focus solely on consumer accounts, potentially leaving SMEs behind.

OpenSME is also advocating for a clear privacy/security education budget to help small businesses feel confident sharing their data. Eric Saumure, a chartered professional accountant and principal at Zenbooks, founded OpenSME with the goal of ensuring SMEs in Canada have the same advantages as those in other G7 countries, such as faster payments, lower fees, and fairer access to credit.

The federal government's consultation on Open Banking is currently open until August 28, 2025. OpenSME's advocacy efforts are instrumental in ensuring that the voices of Canadian SMEs are heard and their needs are met in the development of Canada's Open Banking framework.

Recently, Eric Saumure and Mike Cascone from Xero discussed the benefits of Open Banking for Canada's small businesses on the Open Banking Expo Unplugged podcast. The discussion highlighted the potential for Open Banking to revolutionize the financial landscape for SMEs, making it easier for them to access the financing they need to grow and innovate.

As Open Banking continues to evolve in Canada, the role of advocacy groups like OpenSME becomes increasingly important. By ensuring that SMEs have a seat at the table, OpenSME is helping to create a more inclusive and equitable financial system for all Canadian businesses.

[1] OpenSME. (n.d.). About Us. Retrieved from https://opensme.ca/about-us/ [2] Canadian Chamber of Commerce. (2020, November 18). Open Banking: The Next Frontier for Small Businesses. Retrieved from https://www.chamber.ca/en/news/open-banking-next-frontier-small-businesses [3] Innovation, Science and Economic Development Canada. (n.d.). Small Business Financing. Retrieved from https://www.ic.gc.ca/eic/site/062.nsf/eng/home [4] Payments Canada. (2021, October 19). Real-Time Payments in Canada: A New Era for SMEs. Retrieved from https://www.payments.ca/en/news-and-events/real-time-payments-in-canada-a-new-era-for-smes [5] Canadian Federation of Independent Business. (2021, June 15). Small Businesses Need Open Banking. Retrieved from https://www.cfib-fcei.ca/en/blogs/small-businesses-need-open-banking

The Canadian government's Open Banking reforms, aimed at catering to small and medium-sized enterprises (SMEs), are expected to significantly enhance SMEs' access to data, payments, and financing, fostering innovation and improving business services.
OpenSME, a national advocacy campaign for Canadian SMEs, is pushing for clear implementation timelines for Open Banking, particularly focusing on the inclusion of small business accounts in phase one, to ensure SMEs can reap the benefits.
In collaboration with industry stakeholders, the federal government is working towards modernizing payment systems, such as real-time payment rails, which are crucial for enhancing SME competitiveness.
Eric Saumure, founder of OpenSME and a chartered professional accountant, is advocating for a clear privacy/security education budget to help small businesses confidently share data and fully participate in Open Banking.
OpenSME's podcast discussion with Mike Cascone from Xero highlighted the potential for Open Banking to revolutionize the financial landscape for SMEs, providing them faster payments, lower fees, and fairer access to credit.

Eric Saumure of Zenbooks initiates a Small and Medium Enterprise (SME) drive to secure a spot in Canada's Open Banking system.