Small businesses keep Canada running, yet our banking system keeps them waiting and paying. When Eric Saumure, a CPA who works with hundreds of entrepreneurs at Zenbooks(modern cloud accounting firm), hears the same complaints over and over (mystery fees, week-long payment delays, and “computer says no” credit decisions), he knows the problem is systemic, not individual.

The root issue is data lock-in. Banks hold the information that proves a business is healthy, but owners cannot easily and safely share it with the tools and lenders that could help them grow. Other countries fixed this with open banking: secure, consent-based APIs that let people and businesses control their own financial data.

Canada is finally moving, but SMEs are in danger of being an afterthought. That is why we created OpenSME. We are accountants, fintechs, chambers of commerce, and business advocates joining forces so small businesses get real benefits, not just promises.

We are asking Finance Canada to put three simple measures in Budget 2025:

• Mandate an SME-focused open banking framework with clear scope and deadlines.
• Business accounts be included in the open banking roll out(not only personal accounts)
• Help small business owners feel confident in sharing their data, by having clear guidance and education.

Facts:

• In the UK there is a higher adoption rate by business owners than general consumers. Business owners are the primary users of open banking tools! (17% SME Adoption and 11% Consumer adoption) (Source)
• 74% of Canadian SMEs say they would share more financial data if it meant better, more personalized services. (Source)
• 150 hours per year is the average time saved by business owners because of open banking products (12.5H/month). (Source)
• Only 13% of Canadian businesses use fintech solutions today (32% in the UK, 42% in the US), and 70% of SMEs report difficulty accessing credit. (Source)
• In an HSBC UK pilot, over 25% of SMEs that were turned down under old processes received credit offers once lenders had secure API access to real transaction data. (Source).
• A Senate of Canada debate cited a North Economics study showing cheaper loans, lower fees, higher interest savings and reduced fraud risk after the UK rollout of open banking. It also highlighted $8.5 billion per year in excess profits at Canada’s biggest banks because of lack of Open Banking. (Source)

Give entrepreneurs secure control of their data and they will cut costs, speed up cash flow, and innovate. That is good for jobs, growth, and communities across Canada.

Sign this petition to tell Ottawa: put SMEs first in open banking.

OpenSME.ca | Hello@OpenSME.ca 

Sources:

• https://sencanada.ca/en/content/sen/chamber/441/debates/247db_2024-12-10-e
• https://www.ey.com/en_ca/insights/banking-capital-markets/the-augmented-sme-experience-art-of-the-possible-through-data-aggregation
• https://uat.bot.com/News/Unleashing-Fintech-Driving-Innovation-Competition-and-Growth
• https://www.fintechfutures.com/credit-scoring/the-consumer-credit-applications-of-open-finance-a-snapshot
• https://www.natwestgroup.com/news-and-insights/news-room/press-releases/enterprise/2024/jan/uk-businesses-save-150-hours-every-year-on-operational-tasks-by-.html
• https://www.openbanking.org.uk/insights/new-impact-report-reveals-increased-adoption-and-product-innovation/