GFT and Ozone API Partner to Guide Canadian Institutions Through Open Banking Transition

Why It Matters

The partnership removes technical and talent barriers, enabling Canadian banks to comply with emerging open‑banking regulations and capture growth in a $48 billion market, thereby reshaping revenue models and customer experiences.

Key Takeaways

• Open banking market > $48B by 2026.
• GFT partners Ozone API for Canadian banks.
• Platform simplifies compliance, security, data consent.
• Accelerates revenue and improves customer experience.
• Fills talent gap in open‑banking implementations.

Pulse Analysis

Open banking is rapidly evolving from a niche European concept into a multi‑billion‑dollar global industry, with projections indicating the market will surpass $48 billion by 2026. In Canada, the Consumer‑Driven Banking Act, part of Budget 2025, is fast‑tracking regulatory frameworks, yet many institutions lack the specialized talent and infrastructure to meet stringent security, consent, and compliance requirements. This gap creates a costly hurdle; banks worldwide have spent tens of millions merely to achieve baseline compliance, slowing adoption and limiting potential revenue streams.

The GFT‑Ozone API alliance directly addresses these pain points by combining GFT’s three‑decades of banking consultancy with Ozone’s pioneering open‑API technology, which originated the first global open‑banking standard in the UK. Their joint solution offers a turnkey, end‑to‑end platform that automates API security, consent management, and regulatory reporting, allowing banks to embed open‑finance capabilities into existing core systems without extensive re‑engineering. By handling the technical complexity, the partnership enables financial institutions to focus on product innovation and customer‑centric experiences rather than backend integration challenges.

For the Canadian financial sector, this collaboration could accelerate the shift from legacy siloed services to a more open, data‑driven ecosystem, unlocking new revenue channels such as embedded finance, personalized lending, and third‑party service marketplaces. Early adopters stand to gain competitive advantage by delivering faster, more flexible digital experiences, while also mitigating compliance risk. As open banking gains momentum across North America, the GFT‑Ozone API partnership positions Canada to participate fully in the emerging open‑finance economy, setting a benchmark for regulatory‑compliant innovation.