The Financial Data Exchange (FDX) welcomed 22 new members between January 1 and March 31, 2020, bringing the total membership to 103 organizations that have committed to collectively transitioning to a modern, transparent and secure data sharing approach.
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
Since its launch in October 2018 with 21 founding members, FDX has seen a nearly fivefold increase in members. The growing membership is also reflected in the rapid adoption of the FDX API, as data providers, such as financial institutions, and data access platforms (aggregators), are collectively transitioning to the standard. This translates to more than 12 million U.S. consumers, who are now accessing their financial data through FDX’s standard.
Read More: Analyticom Introduces a Scientific Model That Keeps Investments Stable During Market Volatility
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.
“We’re continuing to see strong momentum behind the adoption of the FDX API as more firms see the importance of supporting an interoperable, secure data sharing standard,” said Don Cardinal, Managing Director of the Financial Data Exchange. “From tax software companies, payments systems operators, retirement administrators, and fintechs, there is growing diversity in the companies that comprise our community and we look forward to their participation.”
Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers
