Canadian Open Banking Implementation Checklist

Review Canadian Open Banking regulations and FDX requirements. Understand your obligations under the Consumer-Driven Banking framework.

Secure executive buy-in and establish cross-functional teams (legal, compliance, technology, product, security).

Define your Open Banking strategy, target use cases, and expected ROI. Identify key partnerships and revenue opportunities.

Conduct comprehensive risk analysis covering security, operational, regulatory, and reputational risks.

Study FDX 5.3+ specifications, focusing on Canadian-specific requirements and data standards.

Design OAuth 2.0/OpenID Connect flow, implement PKI for client authentication, and establish consent management framework.

Set up API gateway with rate limiting, monitoring, and security controls. Implement proper request/response logging.

Map internal data models to FDX standards, ensuring compliance with Canadian data requirements and privacy laws.

Implement TLS 1.3, certificate management, encryption at rest and in transit, and comprehensive audit logging.

Build FDX-compliant APIs for accounts, transactions, and other required data types. Implement proper error handling and status codes.

Develop consent capture, storage, and management system with proper revocation capabilities and audit trails.

Implement TPP registration, verification, and management processes. Set up sandbox environment for testing.

Implement comprehensive monitoring, alerting, and analytics to track API performance, usage patterns, and security events.

Run FDX conformance test suite to ensure compliance with Canadian Open Banking standards.

Conduct comprehensive security testing including penetration testing, vulnerability assessments, and code reviews.

Test system performance under various load conditions to ensure scalability and reliability.

Test integrations with key fintech partners and validate end-to-end user journeys.

Notify relevant Canadian regulators of your Open Banking implementation and ensure all reporting requirements are met.

Launch partner onboarding program with clear documentation, support processes, and developer resources.

Develop customer education materials and communication strategy for Open Banking features and benefits.

Establish incident response procedures, support processes, and ongoing monitoring and maintenance protocols.