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More banks, fintechs, core processors and aggregators rally behind the FDX API and secure data-sharing standard
RESTON, Va., Feb. 25, 2019 /PRNewswire/ — The Financial Data Exchange (FDX) welcomed 16 new members between October 18 and January 31, 2018, bringing the total membership to 36 organizations spanning the full breadth of the financial services ecosystem, from financial institutions to data aggregators, and banking core processors to fintechs.
FDX is leading an industry-wide commitment to enhance consumer controls of financial data through an Application Programming Interface (API) and technical standards that prioritize security, transparency and user experience.
The newest members to commit to the FDX API and secure data-sharing standard are: American Express, Blend Labs, Cash Flow Solutions, Decision Logic, Enterprise Engineering Inc., FI.Span, FirstBank, Fiserv, Form Free, Goldman Sachs (Clarity Money), ITIPS, Navy Federal Credit Union, Ninth Wave, Quovo, Self Lender and Trust Stamp.
“Together, we will provide consumers better transparency, security and control when it comes to their financial data, while making it easier for the industry to offer innovative services,” said Don Cardinal, managing director of FDX. “What’s especially exciting for consumers is, with the FDX API, they will gain more control over their data without having to learn new procedures.”
The FDX API reflects the latest thinking in the financial data sharing space, from the data specification to the security and authentication protocols. Top experts in each discipline are contributing to the standard’s design, and the FDX working groups ensure that the standard continues to evolve and keep pace with technological innovations and consumer expectations.
Fiserv and Quovo also join the FDX board of directors founding members Bank of America, BB&T, Capital One, Charles Schwab, Citigroup, Experian, Fannie Mae, Fidelity Investments, Finicity, FS-ISAC, Intuit, JPMorgan Chase, PNC Bank, N.A., Quicken Loans, SIFMA, TD Bank, The Clearing House, USAA, U.S. Bank, Wells Fargo, Xero and Yodlee.
FDX invites organizations across the financial services industry to join FDX and implement its API. For more information, visit www.financialdataexchange.org.
The Financial Data Exchange is a non-profit financial industry organization dedicated to promoting and enhancing a common interoperable standard and operating framework for sharing consumer financial data. FDX puts consumers in control of their personal financial data. Open to all financial institutions and fintech companies, FDX facilitates collaboration in the development, growth and industry acceptance of the standard and security requirements. FDX is a subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org/