Financial Data Exchange (FDX) Reports 28 Million Consumer Accounts Use FDX API for Open Finance and Open Banking
Industry adoption of common, interoperable and market-led financial data sharing API standard continues to grow
RESTON, Va., January 24, 2022–(BUSINESS WIRE)–The Financial Data Exchange (FDX) today reports 28 million consumer accounts now use its FDX API for open finance and open banking data sharing. Since the group’s last report, more than one million additional consumer accounts were transitioned to the FDX API per month, representing an increase of six million additional consumer accounts that use the FDX API. FDX also reports that FDX API calls increased to more than 2.2 billion per month – indicating an expansion of data usage in the FDX API.
“The financial services industry is continuing to implement the FDX API at a rapid rate,” says FDX Managing Director Don Cardinal. “It’s exciting to see our vision for FDX as a non-profit industry standards body with a common, interoperable and royalty-free API coming to fruition,” added Cardinal. “The collaborative work of our members provides enormous benefits to the financial data ecosystem.”
Today’s announcement stems from FDX’s Fall 2021 FDX API Implementation Metrics survey, which compiles reporting data from FDX’s more than 200 members. The FDX API is free to view and use, but the survey does not include non-FDX member data.
“Consumer demand to share financial data with fintech apps continues to expand. Consequently, we believe it’s only fitting for the financial industry to occupy the role of defining the technical means and methods to accomplish consumer-centric financial data sharing through FDX,” added Cardinal.
FDX is currently on version 5.0 of the FDX API, which significantly increases market standardization of financial data sharing around consent, user control and consumer dashboards, and aligns with other global standards. The FDX API covers more than 620 financial data elements so that consumers can use and share a wide range of their own financial data to their benefit.
“The expansion of FDX API implementation exemplifies what can be accomplished when the financial industry works together to define technical standards for consumer financial data sharing. The FDX API will include any future regulatory requirements that are put in place by policymakers or regulators while also allowing for new technology and market innovations to continue quickly,” said Cardinal.
FDX has a global membership and predominantly operates in the US and Canada. The organization is comprised of more than 200 financial industry members and stakeholders, and the FDX board includes Bank of America, Citi, Capital One, Envestnet, Yodlee, Experian, Fannie Mae, Fidelity, Finicity, FS-ISAC, Interac, Intuit, JPMorgan Chase, MX, Plaid, PNC, Quicken Loans, Royal Bank of Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA, US Bank, Wells Fargo, Xero, and a rotating observer-level seat for consumer advocacy groups.
Financial Data Exchange, LLC (FDX) 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220124005116/en/