RESTON, Go., 14 September 2020 / PRNewswire / – Financial Data Exchange (FDX) has welcomed 39 new members since then 1 April 2020, bringing total membership to 140 organizations working to collectively transition the financial services ecosystem to a modern, transparent and secure API-based approach to data sharing.
Since its inception in October 2018 with 21 founding members, FDX has seen a sixfold increase in membership 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 entry platforms, such as financial data collectors, and data recipients such as fintech applications, are moving collectively. in standard. This translates to more than 12 million customers, who are now accessing their financial data through the FDX standard.
FDX represents an industry-wide movement to enhance consumer and business control of financial data, through the FDX API and technical standards that prioritize the Five Basic Principles of Financial Data Sharing Group – Control, Access, Transparency, Traceability and Security.
“The move to open banking or open finance is happening around the world with a host of different approaches. And yet, the need for a common, secure and interoperable API standard for user-shared data sharing is ubiquitous. “he said Don Cardinal, Managing Director of Financial Data Exchange.
“We are excited to welcome these new members to the FDX family and excited to see the adoption and implementation of the FDX API taking root in so many different countries. What we have learned so far is that you should have all at the same table in order to build a standard that works for everyone, and these new members are helping FDX continue to expand its tent and ensure that the FDX API is truly interactive, ”the Cardinal added.
Some of the new members who joined over the last five months are (in alphabetical order): API Metrics, Assiniboine Credit Union, Authlete, Botkeeper, Callsign, Canadian Canadian Credit Union (CCUA), Caspian One, Centime, Central 1 Credit Union , CIBC, Desjardins, Figures, Pension Enhancement, Straight Bank, FCT, Ficanex, FinConecta, FinTech Growth Syndicate (FGS), HomeTrust Bank, Inverite, KOHO, L7 Defense, Large Union Credit Union (LCUC), Treasury Services Market, National Bank e Canada, National Community Investment Coalition, Ozone API, Joint Payment Enterprise (PPJV), Proof Zero, Hurry, 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 Essential 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 financial industry around a common, interoperable standard, with no royal rights to a secure and comfortable consumer and business access to their financial data. FDX empowers customers through its commitment to the development, growth and adoption of the entire FDX API industry, according to the principles of control, accessibility, 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.
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