Collaboration will help create a clear path to open banking
GT Software, a mainframe modernization software company, announces that it has joined the Financial Data Exchange (FDX), a non-profit dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure consumer and business access to financial data. GT Software believes that FDX’s strategic direction and standards will accelerate open banking adoption, reduce risk to companies and consumers, and facilitate the security and privacy required in an open economy.
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
GT Software joins @FDXOrg to accelerate open banking adoption
FDX’s mission is to promote and enhance a common interoperable standard and operating framework to efficiently and securely share consumer and business financial data. Members include the most notable names in the financial data ecosystem, with a joint market cap in excess of $2 trillion.
“We look forward to our involvement with FDX to help accelerate open banking adoption in the U.S. by greatly simplifying and accelerating the enablement of legacy core banking systems,” says Stephen Hassett, president of GT Software.
Read More: Analyticom Introduces a Scientific Model That Keeps Investments Stable During Market Volatility
GT Software decided to join FDX because payment processing in the U.S. is undergoing a fundamental evolution. Consumer expectations, competitive offerings, legislation and the advancement of technology are driving banks and financial services companies to deliver more transparency and more access to consumer funds and data. Legacy systems and processes must modernize to better support these changes.
As part of the FDX membership, GT Software will contribute to the evolution of industry-wide standards for the secure sharing of financial data that puts consumers in control of their financial lives. The FDX API is built on the latest technology standards for data specification and consumer-authorized access to ensure secure, intuitive user control over shared data. GT Software will use the FDX API as a basis for legacy system integration and can build the ability to import the FDX API into Ivory, GT Software’s no-code integration platform, so that their clients can quickly and efficiently create APIs based on its specifications.
“We’re excited to have GT Software onboard. Nearly all large banks and financial services organizations use the mainframe as their system of record,” notes FDX Managing Director Don Cardinal. “Enabling legacy systems to support the FDX API will be fundamental in bringing secure financial data sharing to even more consumers and businesses.”
Read More: Kreditech Rebrands to Monedo as It Steps Up Growth in International Lending Markets
