2023-10-10 19:50:51
RESTON, Va., Oct. 10, 2023 (GLOBE NEWSWIRE) — The Financial Data Exchange (FDX) today announced that 65 million consumer accounts are actively using its FDX API for secure sharing of open financial data. Since FDX’s last report in April 2023, an additional 13 million consumer accounts have been moved to the FDX API. This incredible milestone reflects trust and acceptance of a standardized approach to accessing financial data and FDX expects growth to continue.
Commenting on this achievement, Don Cardinal, Managing Director of FDX, said: “This is a testament to the hard work of our members and their commitment to a common, free and interoperable standard for the secure and authorized sharing of financial data via ‘FDX API’.
Today’s announcement stems from the FDX Fall 2023 FDX Adoption Metrics Survey, which compiles reports from more than 200 FDX members. While the FDX API remains free to view and use, it is essential to note that this survey does not include data from non-FDX members.
Jean-Paul LaClair, Senior Product Manager of FDX, added: “The rapid growth of 65 million consumer accounts is a clear indication of the financial industry’s evolution towards a more transparent and consumer-centric approach. Our trajectory with the FDX API confirms the collective vision of a more secure and unified financial ecosystem.
FDX API version 6.0 will be released in December. The FDX API currently defines approximately 660 unique financial data elements, revolutionizing the way individuals and businesses access and manage their financial information securely, while encouraging innovation and competition within the financial ecosystem.
FDX’s commitment to interoperability has fostered collaboration among more than 200 financial industry members and stakeholders. All FDX members have the opportunity to participate in the development, growth, and industry adoption of the FDX API and other goals through FDX working groups and task forces. Operating primarily in the United States and Canada, FDX’s board of directors includes Bank of America, Citi, Capital One, Envestnet | Yodlee, Experian, Fannie Mae, Fidelity, Finicity, FS-ISAC, Intuit, JPMorgan Chase, MX, Plaid, PNC, Rocket Mortgage, Equifax Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA, US Bank, Wells Fargo, Xero, National Bank of Canada, and a rotating observer-level seat for consumer advocacy groups.
About FDX
Financial Data Exchange, LLC (FDX) is a nonprofit organization operating in the United States and Canada dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for access secure and convenient for consumers and businesses to their financial data. FDX empowers users through its commitment to the development, growth and industry-wide adoption of the FDX API, consistent with 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.
Porche Matthews, Marketing Manager, pmatthews@financialdataexchange.org
A photo accompanying this press release is available at
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