Are credit unions mandated to participate in Canada’s consumer-driven banking framework?

No. Under the proposed framework, participation is mandatory for designated large banks, but credit unions can choose to opt in. To participate, they must become accredited and comply with the framework’s technical, security and governance requirements.

CGI has entered into a strategic partnership with Caspian One Open Data to help Canadian credit unions prepare for open banking implementation.

The Credit Union understood that modern banking isn't confined to a branch or a desktop. By implementing Call Center Verify (CIBA), they didn't just upgrade their call center; they established a foundation for consistent, financial-grade security across their entire enterprise, empowering members like Sarah to bank with confidence. 

Money itself is a story of convenience and people don’t stay loyal to ‘channels’, they think about getting things done, and throughout financial history that means showing up where life happens. 

The future of Credit Union member acquisition is invisible and effortless. By adopting Embedded Finance and leveraging Open Data to establish FDX-compliant partnerships, CUs can move from reactive selling to proactive, seamless service—a world where the next generation walks in with their coffee, not their paperwork.

For credit union executives and strategic leaders in the credit union system, the natural next question is the most important one: How do we get there, leveraging open data, without multi-year, multi-million-dollar IT projects? 

Canada's financial services are set for a major transformation. Budget 2025 has laid out the most concrete details yet, committing to a complete and accelerated rollout of Consumer-Driven Banking (CDB)—a term for Canada's Open Banking.