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28 mln consumer accounts use FDX API for Open Finance and Open Banking

Tuesday 25 January 2022 10:25 CET | News

The Financial Data Exchange (FDX) has reported 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 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.

FDX is currently on version 5.0 of the FDX API, which increases market standardisation 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. 

FDX has a global membership and predominantly operates in the US and Canada. The organisation 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, JP Morgan 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.


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Keywords: financial data, API, data sharing, Open Banking, Open Finance
Categories: Banking & Fintech
Companies:
Countries: Canada, United States, World
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Banking & Fintech






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