Regions Bank, FIS, Zions Bank, Trustly, Railz, Union Bank & Trust, Sensedia, ForwardAI, Community Savings Credit Union, Canadian Lenders Association, and others join effort to unify the financial services industry around common FDX API data sharing standard for open banking and open finance
The Financial Data Exchange (FDX) has welcomed 26 new members since May 2021, bringing its total membership to 208 organizations. FDX members include financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities and other stakeholders. FDX works through its members to define and promote adoption of its common, interoperable, and royalty-free FDX API standard for financial data sharing.
“The addition of each new member is another step toward our ultimate mission to unify the full financial industry around a common API standard for permissioned data sharing”
Since its launch in the Fall of 2018 with 21 founding members, FDX has seen its membership and the adoption of the FDX API grow rapidly as data providers, such as financial institutions, data access platforms, like financial data aggregators, and data recipients such as fintech apps, are collectively transitioning to the standard in the US and Canada. FDX recently announced that 22 million consumer accounts are now using the FDX API and released Version 5.0 of the FDX API in October 2021.
“As FDX grows, so does the diversity of firms and perspectives contributing to the development, adoption, and implementation of FDX API specification,” said Don Cardinal, Managing Director of the Financial Data Exchange. “The addition of each new member is another step toward our ultimate mission to unify the full financial industry around a common API standard for permissioned data sharing,” added Cardinal.
FDX represents an industry-wide movement to enhance consumer and business control of financial data, through its FDX API and technical standards that prioritize the group’s Five Core Principles of Financial Data Sharing – Control, Access, Transparency, Traceability and Security. Common and interoperable API standards are the foundation of open banking and open finance around the world.
Read More: Flutterwave Enables New Europe-Africa Payment Corridors via Stellar
Some of the new members that have joined FDX recently (in alphabetical order) include:
Abound, Backers Networks Inc., Basis Theory, Bonifii, Boss Insights, Canadian Lenders Association, CI&T, Community Savings Credit Union, Consult Hyperion, Digital Financial Group, DirectID, Eder Labs, FinLocker, FIS, ForwardAI, Koxa, Nuapay, NXTsoft, Once Red LLC, Railz, Regions Bank, Sensedia, Trust Science, Trustly, Union Bank & Trust and Zions Bank.
“It is impossible to quantify how much common and interoperable API standards for data sharing benefit consumers and the financial industry in terms of enhancements to user experience, efficiency gains and cost savings, but I can tell you that it is massive. Each of our new members are now contributing to this work, and I am thrilled to welcome them to FDX,” stated Cardinal.
[To share your insights with us, please write to sghosh@martechseries.com]
