Financial Data Exchange (FDX) adds 26 new members

Tuesday 2 November 2021 09:30 CET | News

US-based Financial Data Exchange (FDX) has welcomed 26 new members since May 2021, bringing its total membership to 208 organisations. 

FDX members include financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities, and other stakeholders. FDX works through its members to define and promote adoption of its common, interoperable, and royalty-free FDX API standard for financial data sharing.

Since its launch in the Fall of 2018 with 21 founding members, FDX has seen its membership and the adoption of the FDX API grow rapidly as data providers, such as financial institutions, data access platforms, like financial data aggregators, and data recipients such as fintech apps, are collectively transitioning to the standard in the US and Canada. FDX recently announced that 22 million consumer accounts are now using the FDX API and released Version 5.0 of the FDX API in October 2021.

FDX represents an industry-wide movement to enhance consumer and business control of financial data, through its FDX API and technical standards that prioritise the group’s Five Core Principles of Financial Data Sharing – Control, Access, Transparency, Traceability, and Security. Common and interoperable API standards are the foundation of Open Banking and Open Finance around the world.

Some of the new members that have joined FDX recently (in alphabetical order) include: Abound, Backers Networks Inc., Basis Theory, Bonifii, Boss Insights, Canadian Lenders Association, CI&T, Community Savings Credit Union, Consult Hyperion, Digital Financial Group, DirectID, Eder Labs, FinLocker, FIS, ForwardAI, Koxa, Nuapay, NXTsoft, Once Red LLC, Railz, Regions Bank, Sensedia, Trust Science, Trustly, Union Bank & Trust, and Zions Bank. A list of all members can be found here.

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Keywords: Open Banking, Open Finance, financial institutions, fintech, API, data sharing, partnership
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech

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