Implementation of interoperable and market-led financial data sharing API standard continues to grow in the US and Canada.
The Financial Data Exchange (FDX) reports that 32 million consumer accounts are now using its FDX API for open finance data sharing. Since FDX’s last report in January 2022, nearly one million additional consumer accounts per month were transitioned to the FDX API, representing an increase of 4 million additional consumer accounts using the FDX API today. FDX also reports that API calls have grown to 2.9 billion per month, illustrating the continued expansion of data usage in the FDX API.
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“FDX’s most recent adoption metrics show that FDX’s common, interoperable, industry-led and market-driven API standards continue to lead the way forward for secure consumer data-sharing in the marketplace,” says FDX Managing Director Don Cardinal. “The industry continues to be best positioned to define standards and further advance adoption while we await guidance from the CFPB.”
Today’s announcement comes from FDX’s Spring 2022 FDX API Implementation Metrics survey which compiles reporting from FDX’s more than 200 members. The FDX API is free to view and use, but the survey does not include non-FDX member data.
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FDX is expected to issue its newest product release later this summer, which will include version 5.1 of the FDX API as well as updated user experience guidance and other standards updates. The FDX API continues to grow and currently defines over 660 unique financial data elements so that consumers can use and share a wide range of their own financial data to benefit their financial lives. FDX has a global membership and predominantly operates in the US and Canada.
“Consumer demand for banking and finance apps that use a consumer’s own data to power financial management services, payments, credit decisioning and more, keeps growing. Continuing and growing implementation of a common, interoperable and royalty-free API standard to meet this demand, through FDX, is the most effective way for the industry to continue its forward progress on this front,” adds Cardinal.
FDX is comprised of more than 200 financial industry members and stakeholders. The FDX board includes Bank of America, Citi, Capital One, Envestnet | Yodlee, Experian, Fannie Mae, Fidelity, Finicity, FS-ISAC, Interac, Intuit, JPMorgan Chase, MX, Plaid, PNC, Rocket Mortgage, Royal Bank of Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA, US Bank, Wells Fargo, Xero, and a rotating observer-level seat for consumer advocacy groups.
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