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Financial Data Exchange launches in Canada

Thursday 30 July 2020 10:28 CET | News

Financial Data Exchange (FDX), a US-based non-profit organisation dedicated to developing an industry standard for financial data sharing, has launched in Canada.

31 organisations leading the country’s financial services ecosystem have joined on to take part in the FDX’s mission. The companies joining include Bank of Montreal, Capital One, CIBC, Desjardins, FinTech Growth Syndicate, Flinks, Interac, Koho, Plaid, and Visa. By joining, the above organisations have agreed to align around the FDX API.

According to FDX, its API can help strengthen consumer control and permissioning of data and allows for users within ‘the consumer-directed financial data ecosystem’ to be securely authenticated without the sharing or storing of their login credentials with third parties. It claimed that through broad adoption of the API, the flow of user-permissioned data between financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, and financial industry groups can become more secure and reliable.


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Keywords: data, exchange, Canada, Financial Data Exchange, FDX, US, Bank of Montreal, Capital One, CIBC, Desjardins, FinTech Growth Syndicate, Flinks, Interac, Koho, Plaid, Visa, banks, API, fintech, payments, network
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Canada
This article is part of category

Banking & Fintech