RESTON, Va.--(BUSINESS WIRE)--The Financial Data Exchange (FDX) has welcomed 18 new members since the beginning of 2021, bringing its total membership to 186 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 common, interoperable, and royalty-free standards for financial data sharing that are the foundation of open banking and open finance.
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.
“Every new FDX member brings a unique and diverse perspective to the FDX consortium and to the development, adoption, and implementation of FDX API specification,” said Don Cardinal, Managing Director of the Financial Data Exchange. “As our membership expands, so does the value of the common FDX API standard because the more voices we have at the table, the better the standard becomes,” 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.
Some of the new members that have joined in 2021 (in alphabetical order) include Concord Advice, Credit Ninja, eMoney, Jack Henry, Levvel, M&T Bank, OppFi, Orum, Plenee, Salt Security, Singular Key, Smart Solution, Spring Labs, Star Point, The Infinite Kind, The Pathfinder Group, Utluna Solutions, and Varo Bank. A list of all members can be found here.
“Common, non-proprietary and interoperable API standards are at the core of open banking and open finance because they ensure that consumers are able to share and use their own financial data in a consistent and uniform manner. I am excited to welcome our new members to this critical work,” stated Cardinal.
Financial Data Exchange, LLC is a non-profit organization operating in the US and Canada that is 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 users 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, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.