Canada’s first technical specification for Open Finance data portability is now open for public comment, with the Digital Governance Standards Institute (DGSI) and the Open Finance Network of Canada (OFNC) inviting stakeholder feedback on the draft standard DGSI/TS 140 between 12 August 2026 and 28 September 2026.
The 45-day window covers the full range of parties with a stake in how financial data moves in Canada: financial institutions, fintechs, regulators, technology providers, and consumer advocates. Comments submitted before the deadline will feed into revisions before the specification is finalised.
What DGSI/TS 140 proposes
DGSI/TS 140 sets out a national framework for secure, consumer-directed Open Finance data portability in Canada. The draft covers technical, governance, privacy, and interoperability requirements intended to allow individuals and organisations to access, transfer, and share their financial data. Its stated scope extends beyond the Open Finance ecosystem and includes guidance for healthcare, telecommunications, and government services.
DGSI is explicit that a Technical Specification sits below a full National Standard of Canada in the Canadian standards hierarchy. The document is framed as a practical guide rather than a binding technical requirements standard governing APIs or security protocols. As such, DGSI describes DGSI/TS 140 as designed to respond to an urgent market need while implementation experience and stakeholder feedback are still being gathered.
That framing matters when you look at the review period itself. Under DGSI’s standard procedures, as set out in its application to the Consumer Financial Protection Bureau, a public review for a draft standard runs for a minimum of 60 calendar days. A shorter 45-day period is reserved for situations where urgent problems of safety, health or the environment arise or threaten to arise. DGSI has opted for the 45-day window here, which implies the organisation considers the market need pressing enough to justify the accelerated timeline, though neither DGSI nor OFNC spell out that reasoning explicitly in the announcement.
Open Finance data portability: a joint effort with a practical purpose
The specification was developed as a joint effort between OFNC and the Digital Governance Council (DGC), with Technical Committee 10 (TC10) doing the technical heavy lifting. Michelle Beyo, who is listed as founder and CEO of Finavator and president of OFNC, described the process as a collaborative one across the industry.
‘It has been a pleasure to work collaboratively across the industry on this Technical Specification which is now available for a 45-day public review,’ Beyo said. ‘Thank you to all industry stakeholders who contributed their expertise to shaping this framework.’
She added: ‘A joint effort by the Digital Governance Council and OFNC, this draft aims to serve as a highly practical, helpful guide for the ecosystem as Canada advances its data portability infrastructure.’
The emphasis on practicality is worth noting. DGSI/TS 140 is not being positioned as a ceiling for the technical standards Canada’s Open Finance ecosystem will eventually require. The expectation built into its design is that implementation experience gathered during and after the review will shape whatever comes next, whether that means revisions to this specification or a more rigorous national standard down the line.
DGSI says the collaboration between OFNC and DGC is intended to help organisations prepare for Open Banking, modernise their data strategies, and deliver digital financial services to Canadians. The language is aspirational, but the document itself is deliberately narrow in its immediate claims: guidance, not mandates.
The public review closes on 28 September 2026. Interested parties can access the draft and submit comments through the DGSI website. DGSI has said all feedback received will be considered before the specification is published in its final form.
