The addition of 25 new members between August 1 and December 31, 2019, has brought the total membership to 82 organizations that have committed to collectively transitioning to a modern, transparent and secure data sharing approach.
The newest members to commit to the FDX API and secure data-sharing standard are: Ally, Apiture, BillGO, Cloudentity, CloudVector, Codat, Connexussecure, DAPI, Discover, EarnIn, Forge Rock, Independent Community Bankers of America (ICBA), Innovecture, MassMutual, Mazooma, M Science, MyFinApps, Ping Identity, TransUnion®, TrueLayer, Validifi, VantageScore Solutions LLC, Verify My Banks.
The Financial Data Exchange (FDX) was launched in October 2018 to lead an industry-wide movement to enhance consumer and business controls 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.
Financial institutions and data service providers (aggregators) are collectively transitioning to this modern data sharing standard. In October 2019, members reported over 5.26 million U.S. customers on the standard and were expecting to have it rolled out to 8 million customers by late 2019 and approximately 12 million by April 2020.
Don Cardinal, Managing Director of the Financial Data Exchange, commented: “Working together as an industry, we provide consumers and businesses with better transparency, security and control over their financial data, while eliminating access barriers for innovators. Recently-signed data sharing agreements by our member firms are verifiable steps towards a credential sharing-free future all members are working toward.”
FDX is initially focusing on the United States and Canada, but many FDX members are global organizations. Therefore, FDX fully expects to engage with other standards bodies to collaborate on innovation and implementation of best practices. The FDX board believes this unified commitment will serve to resolve previous conflicts that have existed.
The FDX API standard provides the tools for secure and reliable financial records access and thus supports best practices for privacy. It is the responsibility of each organization to comply with all government regulations related to privacy. FDX makes no representations that it is GDPR-compliant.
User control and permissioning of data will be strengthened by the FDX API standard because the financial data ecosystem will be unified around a common interoperable data standard rather than a patchwork of data access tools that are often plagued by inconsistent data connectivity, quality, and governance.
