Mr. Mike Marrandino reports

BILL C-15 RECEIVES ROYAL ASSENT TO ESTABLISH LEGISLATIVE FOUNDATION FOR CONSUMER-DRIVEN BANKING IN CANADA

Inverite Insights Inc. has welcomed the royal assent of Bill C-15, which formally enacts the Consumer-Driven Banking Act and establishes the legal framework for a secure, consumer-permissioned data-sharing ecosystem in Canada.

Bill C-15 represents a foundational shift in Canada's financial infrastructure, establishing the legislative basis for consumer-driven banking and moving the industry from policy discussion to execution. The legislation outlines the structure for accreditation of participants, consumer consent requirements and the secure exchange of financial data while maintaining strong oversight and protections for consumers. The Financial Data and Technology Association (FDATA), of which Inverite is a member, has characterized the legislation as a critical milestone in Canada's journey toward open finance.

With the legislative phase complete, focus now shifts to implementation, including the development of regulations and guidance led by the Department of Finance and the Bank of Canada, finalization of technical standards for secure API-based (application programming interface) data sharing, and establishment of an accreditation regime for participating entities. The strength and clarity of these implementation measures will ultimately determine whether the framework delivers meaningful, scalable impact across Canada's financial system.

"Open banking in Canada is no longer a policy discussion. It is now a matter of execution," said Karim Nanji, chief executive officer of Inverite Insights. "Consumer-permissioned data sharing is a critical first step, but the real value will come from how that data is used. Access alone does not improve outcomes. The ability to transform raw financial data into continuous, decision-grade intelligence is what will drive better credit decisions, faster approvals and safer onboarding for consumers and small businesses across the country."

Inverite has built its platform around the principle that trusted financial data must be actionable in the context of real lending and risk workflows. As Canada's open banking framework moves from legislation to operational deployment, the demand for infrastructure that can convert permissioned data into reliable, decision-ready signals is expected to grow, particularly in credit decisioning, identity verification and fraud prevention. Strong trust and accreditation frameworks will be essential to enable broad adoption, balancing security, accountability and innovation across all participants in the ecosystem.

"Canada is later than some jurisdictions in formalizing open banking, but that creates an opportunity to build a more modern, interoperable and outcome-driven system from the start," added Mr. Nanji. "Bill C-15 is the starting point. Success will depend on implementation that enables real-world applications across credit, risk and payments. For Inverite, the focus remains the same: turning permissioned data into intelligence that lenders and regulated businesses can act on with confidence, at the speed their customers expect."

The legislation is expected to have particular significance for small businesses and underserved consumers, where improved access to financial data can support faster, more accurate credit decisions and expand financial inclusion. Open banking will increase competition across Canada's financial services sector, provided that the data shared are usable and that infrastructure exists to transform them into actionable intelligence for regulated decision making.

"Royal assent of Bill C-15 marks a major milestone in Canada's journey toward open finance," said Steve Boms, executive director of FDATA. "This legislation reflects years of thoughtful policy development and positions Canada to deliver a modern financial ecosystem."

About Inverite Insights Inc.

Inverite Insights is a Canadian risk infrastructure company providing real-time financial data and decisioning signals, specializing in real-time bank verification, income and affordability analytics, and AI-driven risk modelling and fraud prevention solutions used by fintechs, lenders and financial institutions across Canada.

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