FDX announces increase in accounts using FDX API

Friday 15 March 2024 12:21 CET | News

North America-based Financial Data Exchange (FDX) has announced that 76 million consumer accounts are currently leveraging its FDX API for Open Finance data sharing. 

As per the information detailed in the press release, the FDX reported a significant increase in consumer accounts that utilise FDX API since its last report in October 2023. The organisation announced 11 million additional consumer accounts being transitioned to its API, underlining the growing acceptance of a standardised approach to accessing and sharing financial data. Additionally, FDX projects that this growth trajectory to persist.

North America-based Financial Data Exchange (FDX) has announced that 76 million consumer accounts are currently leveraging its FDX API for Open Finance data sharing.

According to FDX’s data, consumer accounts utilising FDX API saw a constant increase throughout the years, with the organisation analysing this data since 2019. At that time, the number of accounts reached 5 million, while the Spring 2020 survey reported 8 million. Since then, the amount has been on an expansion path, with the highest growth being registered between Spring 2023 and Fall 2023.

FDX’s development strategy

Representatives from FDX stated that the current announcement supports the more than 230 member organisations’ belief in the commitment to secure consumer-permissioned data sharing. The report is based on findings from FDX’s Spring 2024 FDX Adoption Metrics Survey, which collects data from all the company’s member organisations.  Even if the FDX API maintains its free accessibility, the organisation underscored that the survey does not include non-FDX member data.

Furthermore, presently defining nearly 660 unique financial data elements, the FDX API focuses on improving how individuals and businesses securely access and administrate their financial information. FDX expressed its commitment to interoperability, with this encouraging collaboration between more than 200 financial industry members and stakeholders. Also, all FDX members, regardless of size, can contribute to the development and industry implementation of the FDX API and other objectives via FDX working groups and task forces. Working toward ensuring a comprehensive perspective on financial data sharing, FDX’s Board of Directors includes Bank of America, Citi, Capital One, Envestnet | Yodlee, Experian, Fannie Mae, Fidelity, Finicity, FS-ISAC, Intuit, JPMorgan Chase, MX, Plaid, PNC, Rocket Mortgage, Equifax Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA, US Bank, Wells Fargo, Xero, National Bank of Canada, and a rotating observer-level seat for consumer advocacy groups.

More information about FDX

As a non-profit organisation operating in the US and Canada, FDX is dedicated to merging the financial industry around a common, interoperable standard for secure and efficient consumer and business access to their financial data. The organisation aims to enable users through its commitment to the development, expansion, and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and security.

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Keywords: financial services, digital banking, API, financial data, data sharing, Open Finance
Categories: Banking & Fintech
Companies: Financial Data Exchange
Countries: Canada, United States
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Banking & Fintech

Financial Data Exchange

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