Equifax, Morningstar, Alberta Central, TIAA, UW Credit Union, PWC Canada, Silicon Valley Bank, QUAD-FI, F5 Networks, PSCU and Payments Canada Among Others Join to Further Unify the Financial Services Ecosystem Around Common Technical Data Sharing Standards for Open Finance
RESTON, Va. (Jan. 13, 2021) – The Financial Data Exchange (FDX) welcomed 33 new members in the past 4 months, bringing the total membership to 168 organizations. The group is collectively working to transition the financial services ecosystem to a modern, transparent, and secure API-based financial data sharing approach.
Since its launch in 2018 with 21 founding members, FDX experienced an eightfold increase in members. 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.
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 toward Open Finance is happening now, and we are excited to see the financial services market uniting around common, secure, interoperable and consumer-centric API technical standards through FDX,” said Don Cardinal, Managing Director of the Financial Data Exchange.
Some of the new members that joined over the last four months are (in alphabetical order): Adastra, Affinity Credit Union, Alberta Central, Appruve, ATB Financial, Axway, Blucora, Celero, Connect, Duality Technologies, Equifax, Everlink Payment Services Inc., F5 Networks, Fairstone Financial Inc., Intelliware, Internet Tax Information Processing Services (ITIPS), Japan Association for Financial APIs, Konsentus, Meridian Credit Union, Morningstar, Neosec, New Media IV Holdings, Okta, Payments Canada, PSCU, PWC Canada, QuadFI, Sage, Silicon Valley Bank, Symcor, TIAA, UW Credit Union and Vopay. A list of all members can be found here.
“We are thrilled to add such a diverse and notable group of new members to the FDX ecosystem. Every new member brings a different perspective and voice to the development, adoption, and implementation of the FDX API. And, since all members have an equal vote, our growing membership gives FDX the ability to set standards that work for everyone regardless of size or market segment,” added Cardinal.
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.