The Financial Data Exchange (FDX) has welcomed 39 new members since April 1, 2020, bringing the total membership to over 140 organizations that are working to collectively transition the financial services ecosystem to a modern, transparent and secure API-based data sharing approach.
Since its launch in October 2018 with 21 founding members, FDX has seen an over sixfold increase in members and recently announced the formation of the FDX Canada Working Group. The growing membership is also reflected in the rapid adoption of the FDX API, 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. This translates to more than 12 million consumers, who are now accessing their financial data through FDX’s standard.
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.
“The movement towards open banking or open finance is happening around the world with a myriad of different approaches. And yet, the need for a common, secure and interoperable API standard for user-permissioned data sharing is ubiquitous,” said Don Cardinal, Managing Director of the Financial Data Exchange.
“We are excited to welcome these new members to the FDX family and excited to see adoption and implementation of the FDX API taking root in a lot of different venues. What we have learned so far is that you have to have everyone at the same table in order to build a standard that works for everyone, and these new members are helping FDX continue to broaden the tent and ensure the FDX API is truly interoperable,” added Cardinal.
Some of the new members that joined over the last five months are (in alphabetical order): API Metrics, Assiniboine Credit Union, Authlete, Botkeeper, Callsign, Canadian Credit Union Association (CCUA), Caspian One, Centime, Central 1 Credit Union, CIBC, Desjardins, Digits, Empower Retirement, Equitable Bank, FCT, Ficanex, FinConecta, FinTech Growth Syndicate (FGS), HomeTrust Bank, Inverite, KOHO, L7 Defense, Large Credit Union Coalition (LCUC), Merchant Treasury Services, National Bank of Canada, National Community Reinvestment Coalition, Ozone API, Prairie Payments Joint Venture (PPJV), Proof Zero, Quicken, Raidiam, RattleHub, RealEstateLawyers.ca, Servus Credit Union, Skyflow, Simplii Financial, SmartVault, Tangerine Bank, and TWG. A list of all members can be found here.
For more information on the Five Core Principles of Financial-Data Sharing and how they should be put into practice, download the new FDX White Paper, available here.
Financial Data Exchange, LLC is a non-profit organization dedicated to unifying the ﬁnancial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers consumers through its commitment to the development, growth and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability and security. Membership is open to financial institutions, fintech companies, consumer advocacy groups, and other industry participants. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.