GFT, Ozone API partner to advance open banking in Canada

By Vriti Gothi

GFT has partnered with open banking technology provider Ozone API to support Canadian financial institutions as the country accelerates its transition toward a regulated open banking framework.

The collaboration comes as the global open banking market is projected to exceed $48 billion in 2026, maintaining double-digit annual growth. While adoption has advanced more rapidly in regions such as Europe and parts of Latin America, Canada is entering a more decisive phase following Budget 2025’s acceleration of the Consumer-Driven Banking Act.

Despite regulatory momentum and growing consumer demand for data portability, many Canadian banks have been cautious in committing to large-scale open banking investments. Industry experience suggests implementation can be resource-intensive, with institutions globally spending tens of millions of dollars to meet minimum regulatory standards. The complexity of compliance requirements, heightened security standards, and consent management frameworks has created significant operational and technical hurdles.

Against this backdrop, GFT and Ozone API aim to provide an integrated solution designed to reduce implementation risk and accelerate time to compliance. GFT, which employs more than 9,000 banking specialists across 20 markets, will combine its financial services consulting and technology expertise with Ozone API’s open API platform.

Ozone API’s founding team developed the UK’s first open banking standard and has since worked with regulators and central banks in multiple jurisdictions to power national open finance ecosystems. Through the partnership, the companies plan to bring this infrastructure to North American institutions as open finance initiatives expand.

The joint offering is positioned as an end-to-end platform covering API delivery, security, customer consent management, and regulatory compliance. Beyond meeting regulatory requirements, the companies say the framework is designed to enable banks to commercialise open banking capabilities and integrate embedded finance services into existing infrastructure.

The partnership reflects a broader industry shift from compliance-led open banking implementation toward commercially driven open finance strategies. As Canada moves closer to formalising its regulatory regime, technology partnerships are expected to play a central role in determining how quickly domestic institutions can compete in an increasingly API-driven financial services landscape.